Mark Blyth - Diminishing Returns: : The New Politics of Growth and Stagnation

Edited by

LUCIO BACCARO, MARK BLYTH,
AND JONAS PONTUSSON

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Names: Baccaro, Lucio, editor. | Blyth, Mark, 1967- editor. | Pontusson,

Jonas, editor.

Title: Diminishing returns : the new politics of growth and stagnation /

edited by Lucio Baccaro, Mark Blyth, and Jonas Pontusson.

Description: New York, NY : Oxford University Press, [2022] |

Includes bibliographical references and index.

Identifiers: LCCN 2021060907 (print) | LCCN 2021060908 (ebook) |

ISBN 9780197607862 (paperback) | ISBN 9780197607855 (hardback) |

ISBN 9780197607886 (epub)

Subjects: LCSH: Macroeconomics. | Keynesian economics. |

Economic development. | Stagnation (Economics)

Classification: LCC HB172.5 .D56 2022 (print) |

LCC HB172.5 (ebook) | DDC 339dc23/eng/20220304

LC record available at https://lccn.loc.gov/2021060907

LC ebook record available at https://lccn.loc.gov/2021060908

DOI: 10.1093/oso/9780197607855.001.0001

Lucio Baccaro, Mark Blyth, and Jonas Pontusson

Engelbert Stockhammer and zlem Onaran

Herman Mark Schwartz

Herman Mark Schwartz and Mark Blyth

Alison Johnston and Matthias Matthijs

Yeling Tan and James Conran

Jazmin Sierra

Cornel Ban and Drago Adscliei

Alexander Reisenbichler and Andreas Wiedemann

Lucio Baccaro and Martin Hpner

Lennart Erixon and Jonas Pontusson

Lucio Baccaro and Fabio Bulfone

Dorothee Bohle and Aidan Regan

Cornel Ban and Oddn Helgadttir

Jonathan Hopkin and Dustin Voss

Evelyne Hbscher and Thomas Sattler

Julia Lynch and Sara Watson

Jonas Nahm

This volume originates in a research project at the University of Geneva, directed by Lucio Baccaro and Jonas Pontusson and funded by the Swiss National Science Foundation (grant no. 100017_166186). An initial exploratory workshop took place at the Max Planck Institute for the Study of Societies in May 2018. Subsequently, two additional workshops were held: at Brown University in August 2019, where first versions of most chapters were presented and discussed, and at the Max Planck Institute for the Study of Societies in January 2020, where after another round of discussion the content of the volume was finalized.

The editors are indebted to Lucy Barnes, Jens Beckert, Robert Boyer, Daniela Gabor, Peter Hall, Anke Hassel, Silja Husermann, Chris Howell, Sebastian Kohl, Costas Lapavitsas, Renate Mayntz, Bruno Palier, Fritz Scharpf, David Soskice, Alexander Spielau, Wolfgang Streeck, and Till van Treeck, for presenting or commenting on papers at the first workshop. They would also like to express their gratitude to Puneet Bhasin, Benjamin Braun, Bjrn Bremer, Sinisa Hadziabdic, Manolis Kalaitzake, Erik Neimanns, Erik Peinert, Sid Rothstein, Mischa Stratenwerth, Arianna Tassinari, Tobias Tober, Leon Wansleben, and Josh Weitz for frequent conversations and comments on the project embodied by this volume. Claudia Werner provided superb administrative support throughout. Finally, we, the editors, wish to thank chapter authors for their cooperation and their intellectual contributions to the project.

Dragos Adascalitei

Research Officer, European Foundation for the Improvement of Living and Working Conditions

Lucio Baccaro

Director, Max Planck Institute for the Study of Societies (Cologne)

Cornel Ban

Associate Professor of International Political Economy, Copenhagen Business School

Mark Blyth

Professor of international Economics, Brown University (Providence, RI)

Dorothee Bohle

Professor of Political Science, University of Vienna

Fabio Bulfone

Assistant Professor, Leiden University

James Conran

Assistant Professor of Political Science, University of Oregon (Eugene, OR)

Lennart Erixon

Emeritus Professor, Department of Economics, University of Stockholm

Oddn Helgadttir

Assistant Professor, Copenhagen Business School

Jonathan Hopkin

Professor of Comparative Politics, London School of Economics

Martin Hpner

Professor, Max Planck Institute for the Study of Societies (Cologne)

Evelyne Hbscher

Associate Professor of Comparative Politics and Public Policy, Central European University (Vienna)

Alison Johnston

Associate Professor of Political Science, Oregon State University (Corvallis, OR)

Julia Lynch

Professor of Political Science, University of Pennsylvania (Philadelphia, PA)

Matthias Matthijs

Associate Professor of International Political Economy, Johns Hopkins SAIS (Washington, DC)

Jonas Nahm

Assistant Professor of Energy, Resources and Environment, Johns Hopkins SAIS (Washington, DC)

zlem Onaran

Professor of Economics, University of Greenwich

Jonas Pontusson

Professor of Comparative Politics, University of Geneva

Aidan Regan

Associate Professor, University College Dublin

Alexander Reisenbichler

Assistant Professor of Political Science, University of Toronto

Thomas Sattler

Associate Professor of International Relations, University of Geneva

Herman Mark Schwartz

Professor of Politics, University of Virginia (Charlottesville, VA)

Jazmin Sierra

Assistant Professor of Political Science, University of Notre Dame (South Bend, IN)

Engelbert Stockhammer

Professor of International Political Economy, Kings College London

Yeling Tan

Assistant Professor of Political Science, University of Oregon (Eugene, OR)

Dustin Voss

PhD candidate, London School of Economics

Sara Watson

Associate Professor of Political Science, Ohio State University (Columbus, OH)

Andreas Wiedemann

Assistant Professor of Politics, Princeton University (Princeton, NJ)

Lucio Baccaro, Mark Blyth, and Jonas Pontusson

), growth has become increasingly difficult to generate across the advanced economies, giving rise to a host of new problems, from financial instability to the collapse of mainstream parties. Simply put, the questions that motivate our project are the following: If the main mechanism for securing the legitimacy of democratic capitalism is the ability to produce (and widely diffuse) economic growth, what happens when growth is harder to come by and less broadly shared? And how should we think about capitalist diversityvarieties of capitalismin the context of global stagnation?