Marx, Veblen, and Contemporary Institutional Political Economy Principles and Unstable Dynamics of Capitalism

This book uses an institutional-evolutionary approach to analyse economic problems associated with developments in capitalism during the second half of the twentieth century. It argues that economics should centre on institutions - the durable fabric of the economy over time. Drawing on the foundations of Marxist and institutional political economy, the book traces the lineages of institutional themes, as well as considering feminist, post-Keynesian, holistic economics and Schumpeterian perspectives. The nature of institutions in the growth and instability of capitalism is then explored with reference to social structures of accumulation. Particular reference is given to the world economy, the family, the Keynesian welfare state and neo-liberalism, Fordism, the flexible mode of accumulation, and financial regulation and deregulation. The author concludes, using institutional-evolutionary themes of political economy, that the evolution of modern capitalism is likely to be unstable as we move into the next century.