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You searched for: Content Type Working Paper Remove constraint Content Type: Working Paper Publishing Institution Max Planck Institute for the Study of Societies Remove constraint Publishing Institution: Max Planck Institute for the Study of Societies Political Geography Global Focus Remove constraint Political Geography: Global Focus Publication Year within 5 Years Remove constraint Publication Year: within 5 Years Topic Capitalism Remove constraint Topic: Capitalism
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  • Author: Jens Beckert, Timur Ergen
  • Publication Date: 03-2020
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: This paper discusses sociological analyses of the formation and role of expectations in the economy. Recognition of the social constitution of expectations advances the understand- ing of economic action under conditions of uncertainty and helps to explain core features of modern capitalist societies. The range of applications of the analytical perspective is il- lustrated by closer examination of three core spheres of capitalist societies: consumption, investment, and innovation. To provide an idea of core challenges of the approach, three major research questions for the sociological analysis of expectations are presented.
  • Topic: Economics, Markets, Sociology, Capitalism, Innovation
  • Political Geography: Global Focus
  • Author: Jens Beckert, Richard Bronk
  • Publication Date: 12-2019
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: Dynamic capitalist economies are characterised by relentless innovation and novelty and hence exhibit an indeterminacy that cannot be reduced to measurable risk. How then do economic actors form expectations and decide how to act despite this uncertainty? This pa­ per focuses on the role played by imaginaries, narratives, and calculative technologies, and argues that the market impact of shared calculation devices, social narratives, and contin­ gent imaginaries underlines the rationale for a new form of ‘narrative economics’ and a the­ ory of fictional (rather than rational) expectations. When expectations cannot be anchored in objective probability functions, the future belongs to those with the market, political, or rhetorical power to make their models or stories count. The paper also explores the dangers of analytical monocultures and the discourse of best practice in conditions of uncertainty, and considers the link between uncertainty and some aspects of populism.
  • Topic: Economics, Science and Technology, Capitalism, Innovation
  • Political Geography: Global Focus
  • Author: Lucio Baccaro, Jonas Pontusson
  • Publication Date: 11-2018
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: This paper provides a historical overview of comparative political economy as an interdisci- plinary field of study anchored in political science and focused on advanced capitalist states. We argue that this field of inquiry has reached an impasse and that a more sustained engage- ment with macroeconomics provides a way forward. Against this backdrop, we review two distinct traditions of macroeconomics – New Keynesian and Post-Keynesian macroeco- nomics – and discuss their relative merits as vehicles for renewing the research agenda of comparative political economy.
  • Topic: Capitalism, Macroeconomics, Keynes
  • Political Geography: Global Focus
  • Author: Wolfgang Streeck
  • Publication Date: 02-2015
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: The rise of the consolidation state follows the displacement of the classical tax state, or Steuerstaat, by what I have called the debt state, a process that began in the 1980s in all rich capitalist democracies. Consolidation is the contemporary response to the “fiscal crisis of the state” envisaged as early as the late 1960s, when postwar growth had come to an end. Both the long-term increase in public debt and the current global attempts to bring it under control were intertwined with the “financialization” of advanced capitalism and its complex functions and dysfunctions. The ongoing shift towards a consolidation state involves a deep rebuilding of the political institutions of postwar democratic capitalism and its international order. This is the case in particular in Europe where consolidation coincides with an unprecedented increase in the scale of political rule under European Monetary Union and with the transformation of the latter into an asymmetric fiscal stabilization regime. The paper focuses on the developing structure of the new consolidation regime and its consequences for the relationship between capitalism and democracy.
  • Topic: Debt, Monetary Policy, Democracy, Capitalism, Financial Markets
  • Political Geography: Global Focus