The recent economic crisis in the United States has highlighted a crisis of understanding. In this volume, Bradley C. S. Watson and Joseph Postell bring together some of America's most eminent thinkers on political economy--an increasingly overlooked field wherein political ideas and economic theories mutually inform each other. Only through a restoration of political economy can we reconnect economics to the human good. Economics as a discipline deals with the production and distribution of goods and services. Yet the study of economics can-indeed must--be employed in our striving for the best possible political order and way of life. Economic thinkers and political actors need once again to consider how the Constitution and basic principles of our government might give direction and discipline to our thinking about economic theories, and to the economic policies we choose to implement. The contributors are experts in economic history, and the history of economic ideas. They address basic themes of political economy, theoretical and practical: from the relationship between natural law and economics, to how our Founding Fathers approached economics, to questions of banking and monetary policy. Their insights will serve as trusty guides to future generations, as well as to our own.

The recent economic crisis in the United States has highlighted a crisis of understanding. In this volume, Bradley C. S. Watson and Joseph Postell bring together some of America's most eminent thinkers on political economy--an increasingly overlooked field wherein political ideas and economic theories mutually inform each other. Only through a restoration of political economy can we reconnect economics to the human good. Economics as a discipline deals with the production and distribution of goods and services. Yet the study of economics can--indeed must--be employed in our striving for the best possible political order and way of life. Economic thinkers and political actors need once again to consider how the Constitution and basic principles of our government might give direction and discipline to our thinking about economic theories, and to the economic policies we choose to implement. The contributors are experts in economic history, and the history of economic ideas. They address basic themes of political economy, theoretical and practical: from the relationship between natural law and economics, to how our Founding Fathers approached economics, to questions of banking and monetary policy. Their insights will serve as trusty guides to future generations, as well as to our own.

The global political economy is inescapably cultural. Whether we talk about the economic dimensions of the "war on terror", the sub-prime crisis and its aftermath, or the ways in which new information technology has altered practices of production and consumption, it has become increasingly clear that these processes cannot be fully captured by the hyper-rational analysis of economists or the slogans of class conflict. This book argues that culture is a concept that can be used to develop more subtle and fruitful analyses of the dynamics and problems of the global political economy. Rediscovering the unacknowledged role of culture in the writings of classical political economists, the contributors to this volume reveal its central place in the historical evolution of post-war capitalism, exploring its continued role in contemporary economic processes that range from the commercialization of security practices to the development of ethical tourism. The book shows that culture plays a role in both constituting different forms of economic life and in shaping the diverse ways that capitalism has developed historically – from its earliest moments to its most recent challenges. Providing valuable insights to a wide range of disciplines, this volume will be of vital interest to students and scholars of International Political Economy, Cultural and Economic Geography and Sociology, and International Relations.

The Political Economy Reader advocates a particular approach to the study of political economy – the "market-institutional" perspective – which emphasizes the ways in which markets are embedded in political and social institutions. This perspective offers a compelling alternative to the market-liberal view, which advocates freer markets and less government intervention in the economy, as if states and markets were naturally at odds with each other. The reader embraces a truly interdisciplinary approach to the study of political economy, with extensive coverage from sociology, economics, history and political science. It includes some of the most important classical and contemporary theoretical perspectives on political economy. And it engages some of the most topical debates in political economy today, such as climate change, the global financial crisis, inequality, the digital platform economy, and the COVID-19 pandemic. For political economy courses at a variety of levels and from a range of disciplines, the reader is also of interest to scholars and citizens wanting perspective on the intersection of economics, politics, and society. New to the Second Edition • More than 20 new readings included by such notables as Elinor Ostrom, E. J. Hobsbawm, Dani Rodrik, Amartya Sen, Thomas Piketty, and Mariana Mazzucato among many others. • Fully updated introductions to the book and each thematic chapter of readings. • Coverage of key emerging debates including climate change, the financial crisis, inequality, the digital platform economy, and COVID-19

“Groundbreaking.” —Washington Examiner Economics is primed for—and in desperate need of—a revolution, respected economic forecaster John D. Mueller shows in this eye-opening book. To make the leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries. Since the great Adam Smith tore down this pillar of economic thought, economic theory has been unable to account for a fundamental aspect of human experience: the relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to exchanges, modern economists have forgotten how these essential motivations are expressed: as gifts (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying the economic thought of Aristotle, Augustine, and Aquinas.

A leading expert on economic policy makes the convincing case for the foundation, coordination and reach of government action through economic policy. Presenting justifications for government intervention in coping with market failures, Acocella applies the theory of economic policy to current global issues.

The authors propose a new theory of political behavior that re-invigorates the role of institutions—from laws and bureaucracy to rituals and symbols—as essential to understanding the modern political and economic systems that guide contemporary life.

Mainstream economics was founded on many strong assumptions. Institutions and politics were treated as irrelevant, government as exogenous, social norms as epiphenomena. As an initial gambit this was fine. But as the horizons of economic inquiry have broadened, these assumptions have become hindrances rather than aids. If we want to understand why some economies succeed and some fail, why some governments are effective and others not, why some communities prosper while others stagnate, it is essential to view economics as embedded in politics and society. Prelude to Political Economy is a study of this embeddedness; it argues for an 'inclusive' approach to institutions and the state. Modern economics recognizes that individuals' pursuit of their own selfish ends can result in socially suboptimal outcomes - the Prisoner's Dilemma being the stark example. It has been suggested that what we need in such an eventuality is 'third-party' intervention, which can take the form of imposing punishment on players. Kaushik Basu objects to this method of wishing third parties out of thin air. He argues that if a third party that could impose its will on others were available, then it should have been modeled as a player to start with. The adoption of such an inclusive approach has implications for our conception of the state and the law. It means that the law cannot be construed as a factor that changes the game that citizens play. It is instead simply a set of beliefs of citizens; and, as such, it is similar to social norms. What the law does for an economy, so can social norms. The book discusses how the nature of policy advice and our conception of state power are affected by this altered view of the state and the law. As corollaries, the book addresses a variety of important social and philosophical questions, such as whether the state should guarantee freedom of speech, whether determinism is compatible with free will, and whether the free market can lead to coercion.

This volume argues that economic thought has long been shaped by deeply human forms of attachment, anxiety, desire, fear of suffering and death, and even historical speculation about the ultimate destiny of humanity. Starting in the 17th century, modern economics began to incorporate patterns of speculation and rhetoric that mirror postulates found in religion and the philosophy of history. This text demonstrates that the political significance of economic theory can only be fully understood when the existential commitments that motivated its seminal thinkers, from Smith and Marx to Hayek and beyond, have been excavated. Featuring incisive examinations and revisionist interpretations of Jean-Jacques Rousseau, Adam Smith, Karl Marx, F.A. Hayek, and Karl Polanyi, it is powerfully written and exhaustively researched. It will appeal to anyone interested in political economy, the history of political thought, or the roots of contemporary ideologies.