Introduction: rethinking political economy; Part I. Interdependence and the Economic Constitution: 1. Political economy in question; 2. Sociability and interdependence; 3. Association and the division of labour; 4. The constitution of the economy; Part II. Political Spaces and Policy Actions; 5. A political economy of the body politic; 6. Constellations of interests and institutional architecture; 7. Policy actions in an embedded polity; 8. Conclusion: the constitution of political economy; References; Index.
This book develops a new conception of political economy at the interface of economic theory and political thought.
Adrian Pabst is a scholar in political theory and political economy, with a focus on the role of human dispositions, institutions, and the common weal. His publications include monographs, edited collections and numerous essays. He has held academic appointments at the universities of Nottingham and Kent and leads the public policy team at National Institute of Economic and Social Research where he develops policy proposals and briefs both UK government departments and the opposition. Roberto Scazzieri works in the fields of economic theory and political economy, with a focus on patterns of interdependence and the socio-economic structures arising from them. His contributions span monographs, collections, and journal essays. He has held academic appointments at the Universities of Bologna, Padua and Cambridge. In his capacity as National Fellow of the National Lincei Academy he has developed public policy frameworks and advised regional, national and international bodies.
'Adrian Pabst and Roberto Scazzieri's sophisticated analysis
combines deep knowledge of intellectual history with critical
assessment of the methods of political science and economics. They
offer a better way of understanding the complex interdependencies
between politics and the economy. Both disciplines - as well as
historians - will benefit from their call for a new approach to
political economy that understands economics and politics as
mutually embedded.' Martin Daunton, Emeritus Professor of Economic
History, University of Cambridge
'The fascination of this book derives from its blend of scholarship
and innovation. Guiding us through an impressive body of economic
and political theory, the authors make the case for their
'constitutionalist' political economy approach, which reveals the
intertwining of structural economic relationships and
constellations of interests, explores the issue of political
agency, and studies the conditions for systemic stability. Pabst
and Scazzieri remind us of the interdependencies that bind
societies together and make us reconsider the foundations of the
'commonweal'. Also noticeable is their analysis of relatively
neglected authors, including seventeenth- and eighteenth-century
Neapolitan writers.' Lilia Costabile, University of Naples Federico
II and Clare Hall, Cambridge
'A penetrating analysis of how a toxic mix of Neoclassical
assumptions and post-modernism combined to veil most of the real
action in politics and economics in mainstream studies of political
economy. The book raises fundamental questions that have been
ignored far too long and it presents answers everyone needs to
grapple with, not just specialists, but citizens and journalists.'
Thomas Ferguson, Research Director, Institute for New Economic
Thinking
'Well-structured and thoughtfully written, The Constitution of
Political Economy addresses a truly original task: showing why the
two main approaches to the study of political economy are
fundamentally defective. Pabst and Scazzieri advance a new approach
that combines, in a creative way, the economy and polity
dimensions. By drawing from both the constitutional tradition in
the political discourse and the structural tradition in economic
thought, this book will change the way both economists and
political scientists, of all stripes, understand the work they do,
and will suggest a viable route to cope with the challenges and
poli-crises of the present epoch. This book is an impressive tour
de force that is long overdue and that will provide inspiration for
researchers and students across a wide range of fields.' Stefano
Zamagni, Professor of Civil Economy, University of Bologna
'The Constitution of Political Economy by Pabst and Scazzieri
provides a novel attempt to outline a theory beyond the boundaries
of economics and politics. The study redefines political economy as
a plurality of internal hierarchies subject to multiple
relationships which prevail within economic and political spheres.
With the approach in the book leading to a constitutionalist view
of the political economy, the study develops the notion of embedded
policy-making, which considers economic policy as actions designed
and implemented at the interface between the economic and the
political spheres.' Sunanda Se, Research Associate, Levy Economics
Institute and Life member Clare Hall Cambridge
'There is a growing sense that economics urgently requires a turn
towards political economy if it is to deal with the pressing policy
issues facing society. Adrian Pabst and Roberto Scazzieri set out a
new political economy framework which emphasises the complex,
evolving and multi-layered interdependencies between the economy,
the polity and society. This erudite contribution provides a solid
basis for the constructive integration of economic and political
theory.' Sheila Dow, University of Stirling
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