Diminishing Returns: New Book by Lucio Baccaro
July saw the publication of a new MPIfG Book edited by Institute director Lucio Baccaro, Mark Blyth (Brown University in Providence), and Jonas Pontusson (University of Geneva). Diminishing Returns: The New Politics of Growth and Stagnation (OUP, 2022) picks up on the recent debate on “secular stagnation” and the host of new problems associated with it, such as financial instability and erosion of the established party system. Over the book’s seventeen chapters, international and comparative political economists consider what happens when economic growth stagnates and how we should think about capitalist diversity in the context of global stagnation. The authors work from a common theoretical framework, the growth model perspective, in their empirical analyses and contribute to developing it further. The outcome is a new theoretical framework that will help social scientists, policy-makers, and opinion-makers to a deeper understanding of the politics of growth and stagnation. The book was published by Oxford University Press in mid-July.