Diminishing Returns: The New Politics of Growth and Stagnation

Lucio Baccaro, Mark Blyth, and Jonas Pontusson (eds.)

7. Juli 2022

MPIfG Book


Oxford: Oxford University Press
448 pages
ISBN 9780197607855 (hardback)
ISBN 9780197607862 (paperback)

» Publisher's page

Baccaro, Lucio, Mark Blyth, Jonas Pontusson (Hrsg.)
Diminishing Returns: The New Politics of Growth and Stagnation. New York, NY: Oxford University Press, 2022.


A set of state of the art empirical analyses at the country, regional, and global level that work from a new theoretical framework that analyzes the politics of growth and stagnation. As highlighted by the recent debate on “secular stagnation,” economic growth has slowed down considerably, and this has given rise to a host of new problems, from financial instability to the collapse of mainstream parties. What happens when growth – the main mechanism of capitalist legitimation – is harder to come by and less broadly shared? And how should we think about capitalist diversity in the context of global stagnation?

In Diminishing Returns, Lucio Baccaro, Mark Blyth, and Jonas Pontusson address these questions by bringing together a number of comparative and international political economists with expertise across many different countries and regions. Going beyond the methodological nationalism common in most comparative research, each author departs from a common theoretical framework, the Growth Model Perspective, and contributes to develop it further. The outcome is a new theoretical framework to help social scientists, policymakers, and opinion makers, understand the politics of growth and stagnation, which offers state of the art empirical analyses at the country, regional, and global level.


Part 1    Theoretical Perspectives

Chapter 1: Growth Models and Post Keynesian Macroeconomics | Engelbert Stockhammer and Özlem Onaran

Chapter 2: From Fordism to Franchise: Intellectual property and growth models in the Knowledge Economy | Herman Mark Schwartz

Chapter 3: Four Galtons and a Minsky: Growth Models from an IPE Perspective | Herman Mark Schwartz and Mark Blyth


Part 2    Growth Models at Scale

Chapter 4: The Political Economy of the Eurozone's Post-Crisis Growth Model | Alison Johnston and Matthias Matthijs

Chapter 5: China's Growth Models in Comparative and International Perspective | Yeling Tan and James Conran

Chapter 6: The Politics of Growth Model Switching: Why Latin America Tries, and Fails, to Abandon Commodity-Driven Growth | Jazmin Sierra

Chapter 7: The FDI-led Growth Models of the East-Central and South-Eastern European Periphery | Cornel Ban and Dragos Adascalitei


Part 3    Country Case Studies

Chapter 8: Credit and Consumption-Led Growth Models in the United States and United Kingdom | Alexander Reisenbichler and Andreas Wiedemann

Chapter 9: The Political-Economic Foundations of Export-led Growth: An Analysis of the German Case | Lucio Baccaro and Martin Höpner

Chapter 10: Rebalancing Balanced Growth: The Evolution of the Swedish Growth Model since the mid- 1990s | Lennart Erixon and Jonas Pontusson

Chapter 11: Growth and Stagnation in Southern Europe: The Italian and Spanish Growth Models Compared | Lucio Baccaro and Fabio Bulfone

Chapter 12: Global Capital and National Growth Models: The Cases of Ireland and Latvia | Dorothee Bohle and Aidan Regan


Part 4    Policies and Politics

Chapter 13: Financialization and Growth Regimes | Cornel Ban and Oddny Helgadóttir

Chapter 14: Political Parties and Growth Models | Jonathan Hopkin and Dustin Voss

Chapter 15: Growth Models Under Austerity | Evelyne Hübscher and Thomas Sattler

Chapter 16: Welfare States and Growth Models: Accumulation and Legitimation | Julia Lynch and Sara Watson

Chapter 17: Green Growth Models | Jonas Nahm


Lucio Baccaro

Lucio Baccaro is Director at the Max Planck Institute for the Study of Societies in Cologne.

Mark Blyth

Mark Blyth is the William R. Rhodes '57 Professor of International Economics and Director of the Rhodes Center for International Economics and Finance at Brown University.

Jonas Pontusson

Jonas Pontusson is Professor of Comparative Politics at the University of Geneva.


The Rhodes Center Podcast with Mark Blyth

The new politics of growth and stagnation (part 1)

The new politics of growth and stagnation (part 2): growth models at scale

The new politics of growth and stagnation (part 3): houses, micro states, finance, carbon


ETUI Podcast

How should we think about modern capitalism? with Lucio Baccaro, Mark Blyth, and Jonas Pontusson

Weitere interessante Beiträge

Zur Redakteursansicht