Book contents
- The New Handbook of Political Sociology
- The New Handbook of Political Sociology
- Copyright page
- Dedication
- Contents
- Tables
- Figures
- Contributors
- Acknowledgments
- Introduction
- I Theories of Political Sociology
- II Media Explosion, Knowledge as Power, and Demographic Reversals
- III The State and Its Political Organizations
- IV Civil Society: The Roots and Processes of Political Action
- V Established and New State Policies and Innovations
- 30 The Evolution of Fiscal and Monetary Policy
- 31 Welfare State Policies and Their Effects
- 32 Sexuality, Gender, and Social Policy
- 33 Migration, Asylum, Integration, and Citizenship Policy
- 34 Cosmopolitanism and Political Sociology
- 35 War, States, and Political Sociology
- VI Globalization and New and Bigger Sources of Power and Resistance
- Index
- References
30 - The Evolution of Fiscal and Monetary Policy
from V - Established and New State Policies and Innovations
Published online by Cambridge University Press: 22 February 2020
Book contents
- The New Handbook of Political Sociology
- The New Handbook of Political Sociology
- Copyright page
- Dedication
- Contents
- Tables
- Figures
- Contributors
- Acknowledgments
- Introduction
- I Theories of Political Sociology
- II Media Explosion, Knowledge as Power, and Demographic Reversals
- III The State and Its Political Organizations
- IV Civil Society: The Roots and Processes of Political Action
- V Established and New State Policies and Innovations
- 30 The Evolution of Fiscal and Monetary Policy
- 31 Welfare State Policies and Their Effects
- 32 Sexuality, Gender, and Social Policy
- 33 Migration, Asylum, Integration, and Citizenship Policy
- 34 Cosmopolitanism and Political Sociology
- 35 War, States, and Political Sociology
- VI Globalization and New and Bigger Sources of Power and Resistance
- Index
- References
Summary
Fiscal and monetary policy are among the most basic tools governments use to manage their economies. These tools have evolved in dramatic fashion during the twentieth and early twenty-first centuries. This chapter examines that evolution and its implications for socioeconomic performance. I begin by explaining what these tools are. Second, I discuss the basic debates about how they ought to be used and how the general approach to fiscal and monetary policy evolved from the Keynesian era beginning roughly in the 1930s to the neoliberal era beginning in the late 1970s. My intention is not to delve into the intricacies of economic theory or the minutiae of economic policy but rather to summarize these things with broad strokes.
- Type
- Chapter
- Information
- The New Handbook of Political Sociology , pp. 787 - 811Publisher: Cambridge University PressPrint publication year: 2020
References
Aizenman, Joshua. 2011. “The Impossible Trinity (aka The Trilemma).” Unpublished paper, Department of Economics, University of California-Santa Cruz. Retrieved January 2016. https://bit.ly/2ZhmYFUGoogle Scholar
Allen, Michael Patrick and Campbell, John L.. 1994. “State Revenue Extraction from Different Income Groups: Variations in Tax Progressivity in the United States, 1916–1986.” American Sociological Review 59: 169–186.CrossRefGoogle Scholar
Alt, James and Chrystal, K. Alec. 1983. Political Economics. Berkeley: University of California Press.Google Scholar
Amacher, Ryan, Tollison, Robert, and Willett, Thomas (eds.). 1976. The Economic Approach to Public Policy. Ithaca, NY: Cornell University Press.Google Scholar
Angelos, James. 2015. The Full Catastrophe: Travels among the New Greek Ruins. New York: Crown.Google Scholar
Babb, Sarah. 2001. Managing Mexico. Princeton, NJ: Princeton University Press.CrossRefGoogle Scholar
Babb, Sarah. 2009. Behind the Development Banks. Chicago: University of Chicago Press.CrossRefGoogle Scholar
Bakija, Jon, Kenworthy, Lane, Lindert, Peter, and Madrick, Jeff. 2016. How Big Should Our Government Be? Berkeley: University of California Press.Google Scholar
Block, Fred and Somers, Margaret. 2014. The Power of Market Fundamentalism. Cambridge, MA: Harvard University Press.Google Scholar
Boas, Taylor and Gans-Morse, Jordan. 2009. “Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan.” Studies in Comparative International Development 44(2): 137–161.CrossRefGoogle Scholar
Bowles, Samuel, Gordon, David, and Weisskopf, Thomas. 1983. Beyond the Waste Land. New York: Anchor Press/Doubleday.Google Scholar
Bunch, Will. 2009. Tear Down This Myth: How the Reagan Legacy Has Distorted Our Politics and Haunts Our Future. New York: Free Press.Google Scholar
Campbell, John L. 1993. “The State and Fiscal Sociology.” Annual Review of Sociology 19: 163–185.Google Scholar
Campbell, John L. 1996. “An Institutional Analysis of Fiscal Reform in Postcommunist Europe.” Theory and Society 25: 45–84.Google Scholar
Campbell, John L. 2001. “Convergence or Divergence? Globalization, Neoliberalism and Fiscal Policy in Postcommunist Europe” pp. 107–139 in Weber, Steven (ed.) Globalization and the European Political Economy. New York: Columbia University Press.Google Scholar
Campbell, John L. 2004. Institutional Change and Globalization. Princeton, NJ: Princeton University Press.Google Scholar
Campbell, John L. 2011. “The U.S. Financial Crisis: Lessons for Theories of Institutional Complementarity.” Socio-Economic Review 9: 211–234.Google Scholar
Campbell, John L. 2018. American Discontent: The Rise of Donald Trump & Decline of the Golden Age. New York: Oxford University Press.Google Scholar
Campbell, John L. and Patrick Allen, Michael. 1994. “The Political Economy of Revenue Extraction in the Modern State: A Time-Series Analysis of U.S. Income Taxes, 1916–1986.” Social Forces 72: 643–669.CrossRefGoogle Scholar
Campbell, John L. and Hall, John A.. 2017. The Paradox of Vulnerability: Small States, Nationalism and the Financial Crisis. Princeton, NJ: Princeton University Press.Google Scholar
Campbell, John L. and Pedersen, Ove K.. 2001. “The Rise of Neoliberalism and Institutional Analysis” pp. 1–24 in Campbell, John and Pedersen, Ove (eds.) The Rise of Neoliberalism and Institutional Analysis. Princeton, NJ: Princeton University Press.Google Scholar
Campbell, John L. and Pedersen, Ove K.. 2014. The National Origins of Policy Ideas: Knowledge Regimes in the United States, France, Germany and Denmark. Princeton, NJ: Princeton University Press.Google Scholar
Dezalay, Yves and Garth, Bryant. 2002. The Internationalization of Palace Wars. Chicago: University of Chicago Press.Google Scholar
The Economist. 1998. “Latin American Inflation.” The Economist, November 5. Retrieved January 2016. www.economist.com/node/175469Google Scholar
Eichengreen, Barry. 2008. The European Economy since 1945. Princeton, NJ: Princeton University Press.CrossRefGoogle Scholar
Federal Reserve Bank of St. Louis. 2017. “Inflation, Consumer Price Indexes for the United States.” St. Louis, MO: US Federal Reserve. Retrieved September 2017. https://fred.stlouisfed.org/series/FPCPITOTLZGUSAGoogle Scholar
Fleming, J. Marcus. 1962. “Domestic Financial Policies under Fixed and Floating Exchange Rates.” IMF Staff Papers 9: 369–379.CrossRefGoogle Scholar
Fourcade, Marion. 2006. “The Construction of a Global Profession: The Transnationalization of Economics.” American Journal of Sociology 112: 145–194.CrossRefGoogle Scholar
Fourcade, Marion. 2009. Economists and Societies. Princeton, NJ: Princeton University Press.Google Scholar
Fourcade-Gourinchas, Marion and Babb, Sarah. 2002. “The Rebirth of the Liberal Creed: Paths to Neoliberalism in Four Countries.” American Journal of Sociology 108: 533–579.Google Scholar
Franzese, Robert and Hall, Peter. 2000. “Institutional Dimensions of Coordinating Wage Bargaining and Monetary Policy” pp. 173–204 in Iversen, Torben, Pontusson, Jonas, and Soskice, David (eds.) Unions, Employers and Central Banks. New York: Cambridge University Press.Google Scholar
Hall, Peter (ed.). 1989. The Political Power of Economic Ideas: Keynesianism across Nations. Princeton, NJ: Princeton University Press.Google Scholar
Hall, Peter and Lamont, Michèle (eds.). 2013. Social Resilience in the Neoliberal Era. New York: Cambridge University Press.Google Scholar
Hall, Peter and Soskice, David (eds.). 2001. Varieties of Capitalism. New York: Oxford University Press.CrossRefGoogle Scholar
Harvey, David. 2005. A Brief History of Neoliberalism. New York: Oxford University Press.Google Scholar
Hay, Colin. 2001. “The ‘Crisis’ of Keynesianism and the Rise of Neoliberalism in Britain: An Ideational Institutionalist Approach” pp. 193–218 in Campbell, John and Pedersen, Ove (eds.) The Rise of Neoliberalism and Institutional Analysis. Princeton, NJ: Princeton University Press.Google Scholar
Jensen, Nathan. 2006. Nation-States and the Multinational Corporation. Princeton, NJ: Princeton University Press.Google Scholar
Kato, Junko. 2003. Regressive Taxation and the Welfare State. New York: Cambridge University Press.Google Scholar
Kirk, Chris. 2016. “Five Charts that Show Americans Family Debt Crisis.” Slate, May 12. Retrieved September 2017. https://bit.ly/24RtOCSGoogle Scholar
Kotz, David. 2015. The Rise and Fall of Neoliberal Capitalism. Cambridge, MA: Harvard University Press.Google Scholar
Krugman, Paul. 2009. The Return of Depression Economics and the Crisis of 2008. New York: W. W. Norton.Google Scholar
Leicht, Kevin and Fitzgerald, Scott. 2014. Middle Class Meltdown in America. New York: Routledge.Google Scholar
Lucas, Robert. 1972. “Expectations and the Neutrality of Money.” Journal of Economic Theory 4(2): 315–335.Google Scholar
Martin, Isaac, Mehrotra, Ajay, and Prasad, Monica (eds.). 2009. The New Fiscal Sociology. New York: Cambridge University Press.Google Scholar
Matzner, Egon and Streeck, Wolfgang. 1991. Beyond Keynesianism: The Socio-Economics of Production and Full Employment. Aldershot: Edward Elgar.Google Scholar
Mishel, Lawrence, Bivens, Josh, Gould, Elise, and Shierholz, Heidi. 2012. The State of Working America, 12th ed. Ithaca, NY: Cornell University Press.Google Scholar
Mudge, Stephanie. 2011. “What’s Left of Leftism? Neoliberal Politics in Western Party Systems, 1945–2008.” Social Science History 35(3): 337–380.Google Scholar
Mundell, Robert A. 1963. “Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates.” Canadian Journal of Economic and Political Science 29(4): 475–485.Google Scholar
Organization for Economic Cooperation and Development (OECD). 2017. OECD.Stat. Paris: OECD. Retrieved January 2017. www.oecd.org/std/na/Google Scholar
Pierson, Paul. 1994. Dismantling the Welfare State? New York: Cambridge University Press.Google Scholar
Pontusson, Jonas. 2005. Inequality and Prosperity. Ithaca, NY: Cornell University Press.CrossRefGoogle Scholar
Prasad, Monica. 2006. The Politics of Free Markets. Chicago: University of Chicago Press.Google Scholar
Schmidt, Vivien and Thatcher, Mark (eds.). 2013. Resilient Liberalism in Europe’s Political Economy. New York: Cambridge University Press.Google Scholar
Swank, Duane. 2002. Global Capital, Political Institutions, and Policy Change in Developed Welfare States. New York: Cambridge University Press.Google Scholar
US Bureau of Labor Statistics. 2017. Databases, Tables & Calculators by Subject: Unemployment Rate. Washington, D.C.: US Department of Labor. Retrieved September 2017. https://bit.ly/2p9lCfuGoogle Scholar
US Congressional Budget Office (US CBO). 2015. “Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output in 2014.” Washington, D.C.: US Congressional Budget Office. Retrieved January 2017. https://bit.ly/31zLofUGoogle Scholar
Weir, Margaret and Skocpol, Theda. 1985. “State Structures and the Possibilities for ‘Keynesian’ Responses to the Great Depression in Sweden, Britain and the United States” pp. 107–167 in Evans, Peter, Rueschemeyer, Dietrich, and Skocpol, Theda (eds.) Bringing the State Back In. New York: Cambridge University Press.Google Scholar
World Bank. 2017. GDP Growth (Annual %). Washington, D.C.: World Bank. Retrieved September 2017. https://bit.ly/2WHV0qdGoogle Scholar
- 1
- Cited by