The Constitution of Political Economy
Polity, Society and the Commonweal

This book develops a new conception of political economy at the interface of economic theory and political thought.

Adrian Pabst (Author), Roberto Scazzieri (Author)

9781108831093, Cambridge University Press

Hardback, published 17 August 2023

250 pages
28 x 19 x 2.1 cm, 0.583 kg

'The fascination of this book derives from its blend of scholarship and innovation. Guiding us through an impressive body of economic and political theory, the authors make the case for their 'constitutionalist' political economy approach, which reveals the intertwining of structural economic relationships and constellations of interests, explores the issue of political agency, and studies the conditions for systemic stability. Pabst and Scazzieri remind us of the interdependencies that bind societies together and make us reconsider the foundations of the 'commonweal'. Also noticeable is their analysis of relatively neglected authors, including seventeenth- and eighteenth-century Neapolitan writers.' Lilia Costabile, University of Naples Federico II and Clare Hall, Cambridge

The two dominant conceptions of political economy are based on either reducing political decisions to rational-choice reasoning or, conversely, reducing economic structures and phenomena to the realm of politics. In this book, Adrian Pabst and Roberto Scazzieri contend that neither conception is convincing and argue for a fundamental rethinking of political economy. Developing a new approach at the interface of economic theory and political thought, the book shows that political economy covers a plurality of dimensions, which reflect internal hierarchies and multiple relationships within the economic and political sphere. The Constitution of Political Economy presents a new, richer conception of political economy that draws on a range of thinkers from the history of political economy, recognising the complex embedding of the economy and the polity in society. Effective policy-making has to reflect this embedding and rests on the interdependence between local, national, and international actors to address multiple systemic crises.

Introduction: rethinking political economy
Part I. Interdependence and the Economic Constitution: 1. Political economy in question
2. Sociability and interdependence
3. Association and the division of labour
4. The constitution of the economy
Part II. Political Spaces and Policy Actions
5. A political economy of the body politic
6. Constellations of interests and institutional architecture
7. Policy actions in an embedded polity
8. Conclusion: the constitution of political economy
References
Index.

Subject Areas: Political structures: democracy [JPHV], Political structure & processes [JPH], Politics & government [JP], Society & social sciences [J]