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cover of The Political Economy Reader: Markets as Institutions

The Political Economy Reader

Markets as Institutions

Edited by Naazneen H. Barma, Steven K. Vogel

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About the Book

The Political Economy Reader combines in a single volume core writings on political economy from four social science disciplines: economics, political science, sociology, and history. Arguing that markets should be viewed as institutions that are deeply embedded in politics and society, editors Barma and Vogel combine a theoretical approach to understanding capitalism with analyses of real-world market systems around the world today.

The Reader first lays the conceptual groundwork, covering transaction costs, property rights, corporate governance systems, power relationships, social networks and cultural norms, and then turns to real-world practices and reforms. Contemporary debates focus on deregulation in advanced industrial countries, privatization in transitional economies, and liberalization in developing countries. The volume concludes with selections on the information technology revolution and globalization.

Reviews

"This is a superb collection of foundational works in political economy. Rather than obeying disciplinary boundaries, Barma and Vogel accomplish what we should all aspire to: bringing together key ideas and contributions from a range of scholars interested in important theoretical and substantive questions relevant to the field of political economy. I know of no other collection that spans the theoretical and empirical range of this volume."

--David Leblang, Professor of Political Science, University of Colorado, Boulder

"It’s very difficult to select ‘critical’ readings in political economy because there is so much terrain to cover. But Barma and Vogel have made excellent selections that can be the foundation for a graduate-level course, or a scholarly immersion into foundational perspectives. I think their organization of the writing into alternative perspectives in tension with each other will make for great discussions."

--Nicole Woolsey Biggart, Jerome J. and Elsie Suran Chair of Technology Management, Dean Graduate School of Management, University of California, Davis

Table of Contents

Part 1: Contending Perspectives A. The Classics 1. The Wealth of Nations Adam Smith 2. The Communist Manifesto Karl Marx and Friedrich Engels 3. The National System of Political Economy Friedrich List. B. The Liberal Paradigm 4. The Road to Serfdom Friedrich Hayek 5. Capitalism and Freedom Milton Friedman. C. Economic Sociology 6. The Great Transformation Karl Polanyi 7. The Architecture of Markets Neil Fligstein. D. The New Institutional Economics 8. Structure and Change in Economic History Douglass North 9. The Economic Institutions of Capitalism Oliver Williamson. E. Historical Perspectives 10. The Stages of Economic Growth W.W. Rostow 11. Economic Backwardness in Historical Perspective Alexander Gerschenkron 12. The Wealth and Poverty of Nations David Landes. F. Political Science and Political Economy 13. The Market System Charles Lindblom 14. MITI and the Japanese Miracle Chalmers Johnson 15. Varieties of Capitalism Peter Hall and David Soskice Part 2: Contemporary Debates A. Market Reform in Advanced Industrial Countries 16. The Virtues of Capitalism Arthur Seldon 17. Why Freer Markets Need More Rules Steven Vogel. B. Market Transition in Eastern Europe and China 18. The End of Poverty Jeffrey Sachs 19. Globalization and its Discontents Joseph Stiglitz 20. China and Globalization Doug Guthrie. C. Market Development in Developing Countries 21. The Poverty of Development Economics Deepak Lal 22. The Myths of the Market and the Common History of Late Developers Kiren Chaudhry 23. The Mystery of Capital Hernando De Soto. D. Globalization and the Information Technology Revolution 24. The Lexus and the Olive Tree Thomas Friedman 25. How Revolutionary Was the Digital Revolution? Abraham Newman and John Zysman 26. The Retreat of the State Susan Strange 27. Global Political Economy Robert Gilpin

About the Author(s)

Naazneen H. Barma is a Young Professional at the World Bank.


Steven K. Vogel is Professor of Political Science at the University of California, Berkeley.