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)

9781108926324, Cambridge University Press

Paperback / softback, published 24 July 2025

290 pages
22.9 x 15.2 x 1.5 cm, 0.423 kg

'There is a growing sense that economics urgently requires a turn towards political economy if it is to deal with the pressing policy issues facing society. Adrian Pabst and Roberto Scazzieri set out a new political economy framework which emphasises the complex, evolving and multi-layered interdependencies between the economy, the polity and society. This erudite contribution provides a solid basis for the constructive integration of economic and political theory.' Sheila Dow, University of Stirling

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]