By Mark Vail
In "Recasting Welfare Capitalism", Mark Vail employs a worldly and unique theoretical method of evaluate welfare states and political-economic adjustment in Germany and France. He examines how and why institutional swap happens and what components represent financial evolution whilst relocating from instances of prosperity to extra austere classes and again back. overlaying the Seventies to the current, Vail analyzes social and financial reforms, together with hard work coverage, social-insurance, and anti-poverty courses. He specializes in the strategies and activities of key political gamers, and demolishes the stagnation argument that means that France and Germany have principally frozen political economies, incapable of reform. Vail unearths those respective evolutions contain interrelated alterations in social and fiscal regulations and are characterised via political relationships which are always renegotiated - frequently in unpredictable methods. within the technique, he provides a compelling re-conceptualization of switch in either the welfare kingdom and the wider political economic climate in the course of an age of globalization.
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Extra resources for Recasting Welfare Capitalism: Economic Adjustment in Contemporary France and Germany
These factors have created new political relationships and bargaining dynamics that a focus on formal distributions of authority alone simply cannot explain. 14 In developing such an approach, this book draws on and extends the insights of a number of bodies of scholarship, which provide an important but incomplete set of tools for understanding how national models of capitalism adjust. Some of the most promising recent work in comparative political economy in this respect can be found in the burgeoning literature on institutional change.
Changes in economic context can have profound effects on political dynamics, a possibility to which recent work on institutional change and the approach of the Regulation School can make us receptive. That said, we must go beyond the observation that context matters to develop a more systematic understanding of factors other than the formal capacities of countries’ political and economic institutions. This in turn requires that we think carefully about how the legacies of past politics and new economic challenges come together to reshape governments’ and producer groups’ understanding of their interests, modify their legitimacy and credibility as agents of reform, and redefine political coalitions.
6 Though the countries of Western Europe embraced Keynesian demand management with varying degrees of enthusiasm, they all shared a commitment to Keynes’s broader insight: that economic growth can be sustained by coherent, deliberate approaches to policy, and that economic development need not be surrendered to the vagaries of the business cycle or the “natural” development of capitalism. ”7 France’s and Germany’s breathtaking postwar success, with consistently impressive rates of economic growth, low levels of unemployment,8 and vibrant export sectors, rendered their subsequent fall from grace all the more traumatic.
Recasting Welfare Capitalism: Economic Adjustment in Contemporary France and Germany by Mark Vail