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Money, Markets, and the State : Social Democratic Economic Policies since 1918 - Ton Notermans

Money, Markets, and the State

Social Democratic Economic Policies since 1918

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Published: 13th April 2000
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Numerous Social Democrats undeniably believe that mass-unemployment is the main scourge of the market economy. Yet, social democratic policies for full-employment have met with strikingly different levels of success. Money, Markets, and the State provides in-depth explanations behind the various successes and failures of the economic policies of social democratic governments in five Western European countries: Germany, Great Britain, Sweden, Norway, and the Netherlands. Dr Notermans examines these economic systems from the inflation of the early twenties, through the Great Depression of the thirties, and then continues his analysis up to present day mass-unemployment. Drawing on a wide range of historical and statistical sources, Dr Notermans argues that the fate of social democratic economic policy hinges critically on the political and institutional success of maintaining price stability, and not on structural economic factors such as changing supply side conditions or increasing globalization of economic relations. Although social democracy has repeatedly been declared obsolete, the study concludes that even under present economic conditions, successful policies for full-employment are possible by way of social democratic theory.

"A timely and thought-provoking analysis of the macroeconomic forces and policies that have determined the strength and weakness of social democracy in Western Europe from the 1920es till now. Notermans' broad comparative and historical interpretation is a refreshing and masterful synthesis. It deserves wide attention by political scientists, economists and economic historians." Lars Jonung, Stockholm School of Economics "In its historical sweep, economic sophistication, and analytic coherence, Notermans' theory of the basic constraints shaping macroeconomic policy in advanced capitalist countries is audacious and compelling. No discussion of economic policy dilemmas facing governments--not just social democratic ones--should proceed without taking it into account." Andrew Martin, Center for European Studies, Harvard University "Notermans fires a cannon shot at comparative studies. The next century of social democracy will bring neither the end of socialism nor its "third way" transformation but rather the continuation of the cycle of social-democratic expansive macroeconomics and liberal disinflationary macroeconomics. This is a great claim, on a par with Hirschman's claim about the cycle of public and private involvement. It is based on methodological clarity and deep understanding of archives, theories and countries. Here is real synthesis of economic and political science at its best." Jos de Beus, University of Amsterdam "[E]xtremely distinctive ... deeply impressive." Review of International Political Economy

List of tables and figures
List of abbreviations
Acknowledgements
A note on terminology
Social democracy in the macroeconomy
Politics, economics and political economy
Why was there no social democratic breakthrough in the twenties?
The creation of the social democratic consensus
The breakdown of the social democratic consensus
Social democracy in the twenty-first century
Notes
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521633390
ISBN-10: 0521633397
Series: Cambridge Studies in Comparative Politics
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 324
Published: 13th April 2000
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 2.2
Weight (kg): 0.65