Papers by Jonathan R Perraton
Finance, Growth and Inequality, 2019
A growing recent literature has examined the macroeconomic implications of household debt. Recent... more A growing recent literature has examined the macroeconomic implications of household debt. Recent analysis has linked household debt to rising inequality across developed economies leading to stagnant or declining real incomes for middle and lower income households. Wages stagnated with their decoupling from productivity growth and rising inequality; households maintained consumption with falling savings and rising indebtedness. This consumption behaviour can be understood in terms of emulation of consumption patterns through a relative income effect. A range of authors have argued household debt was central to the global financial crisis. More generally it has been argued that with rising inequality aggregate demand was only been sustained by this process of rising household indebtedness before the crisis and since then recovery has been held back by limited growth in household incomes and such recovery as has been achieved has generated by renewed rises in household debt.
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The recent crisis of the Anglo-Saxon capitalism has generated renewed interest in more co-operati... more The recent crisis of the Anglo-Saxon capitalism has generated renewed interest in more co-operative national arrangements. Recent contributions, though, have focused almost exclusively on the labour market and largely accepted mainstream economics explanations of economic performance. Nevertheless, the post-war success of corporatist economies, notably in Nordic countries rested on high rates of investment, particularly in internationally tradable industries. This was seen by both policymakers and scholars as central to generating prosperity throughout the economy and sustaining living standards and government expenditure. Maintaining the profit rate in the tradable sector was seen as central to sustaining growth and welfare in these economies. Recent mainstream contributions miss the capital side of the bargain. The neglect of corporatism's disciplining effect on business and the investment response in the 1990s is to miss a key part of the story of corporatism. From a post-Key...
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Emerging Market Multinationals and Europe, 2019
During the “Great Moderation” period before the global financial crisis, globalisation was widely... more During the “Great Moderation” period before the global financial crisis, globalisation was widely regarded in policy and academic circles as an inexorable process and as a broadly benign one. If appropriate policies were pursued, globalisation held out the prospect of higher growth and global convergence. Change within economies could be managed with appropriate supply side policies; resistance to changes from globalisation would only lead to welfare losses. The drivers of globalisation processes were not always clear in these accounts; technological changes enabled greater international flows, but policy changes also underpinned the growth of global markets.
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New Political Economy
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... Page 4. In memory of Gistnla Held and Margaret McGrew Page 5. Global Transformations Politics... more ... Page 4. In memory of Gistnla Held and Margaret McGrew Page 5. Global Transformations Politics, Economics and Culture David Held and Anthony McGrew, David Goldblatt and Jonathan Perraton Stanford University Press Stanford, California Page 6. ...
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Intereconomics
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Cambridge Journal of Economics, 2001
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Http Dx Doi Org 10 1080 13563469708406300, Oct 19, 2007
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The American Journal of Economics and Sociology, Jul 1, 2006
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Alternatives: Global, Local, Political, 1997
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"Let us recall that the stiff task set for contributors to this volume was to consider the f... more "Let us recall that the stiff task set for contributors to this volume was to consider the following questions: • How far do existing models of national capitalism (chiefly: Anglo-Saxon, Rhinish, East Asian) remain accurate characterizations of national economies? • How can we analyze the impact of international integration on national models of capitalism beyond simply asking whether convergence is inevitable? • How have different countries responded to the ways in which international integration has changed the relative costs of different policy options? We further asked the contributors to consider which institutional features of their countries were regarded as central around 1980. These questions raise key points for the debates over national capitalisms. First, whilst the institutional differences between national economies are typically identified as being embedded and enduring, many of the features identified as central to national models have changed substantially over the past two decades. Second, it has been claimed that international competition and increased international factor mobility - globalization, for short - will lead to countries converging on a single model. Typically, this is predicted to be to a neo-liberal version of the Anglo-Saxon model, although other putative end-points have been proposed. Third, and related to the second point, whilst globalization may not completely determine policy choice it can substantially alter the costs of particular policy options. Stated as such this may sound reasonable, but it fails to provide much insight. Fourth, it is of little use simply to say that the institutional structures of economies arise slowly from their societies – from decades or even centuries of history – and that lessons are often specific to time and place. We should aim to draw more general conclusions from comparative research. In the next section we provide a necessarily brief account of institutionalist accounts and economic performance and the associated accounts of institutional change. In contrast to many accounts we do not attempt to explain differences in national economic performances in terms of institutional differences. Instead we argue that the evidence amongst developed countries indicates that the impact of institutions on performance is secondary, but that institutions do have a key impact on distribution of income and employment. Section 12.2 provides a brief overview of the main features of ‘actually existing capitalism’ amongst the developed economies as an introduction to more detailed consideration of key elements. Section 12.3"
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Econ Soc, 2009
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This paper considers French economic performance in comparative perspective since the 1990s in th... more This paper considers French economic performance in comparative perspective since the 1990s in the light of the national capitalisms literature. It up-dates earlier decomposition analysis of employment and consumption trends to determine any possible trends towards demarketisation and/or decommodification as part of an analysis of changing role of the state. It discusses trends in French global integration in general and particularly changes in the financial system to provide the basis for assessing the future for French state policy activism. Finally it argues that the complex links between profitability, investment and employment merit further exploration in the French case.
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Despite only recently completing the challenging fifth enlargement process, the EU has already em... more Despite only recently completing the challenging fifth enlargement process, the EU has already embarked upon negotiations about Turkey's possible accession to the EU; indeed in December 2004 agreement was reached between Turkey and the EU for entry talks to begin in October 2005. The possibility of Turkish accession to the EU has reignited fears in the 'old' EU about labour migration as a result of enlargement. This paper reports an analysis of the economy wide effects of changes both in the flow of labour from Turkey to EU and the flow of labour remittances to Turkey by migrant workers. Due to the past migration patterns and volumes of Turkish Gastarbeiter, the analysis focuses on the economic implications of this process for Germany as well as Turkey. The analyses are carried out by using a 22-sector, 6-factor and 15-region global computable general equilibrium model -Globe CGE-that is implemented in GAMS (see McDonald et al, 2005. For this study a method for augmentin...
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American Journal of Economics and Sociology
Late 1990s claims of a shift toward a new economy in the United States and other developed econom... more Late 1990s claims of a shift toward a new economy in the United States and other developed economies were said to accelerate earlier trends reducing the material content of production. The shift toward a postindustrial services economy is said to have been accentuated by application of new information and communications technologies, dramatically reducing the material content of production. This offers the possibility for continuous economic expansion unconstrained by resources supply. This paper provides a critical analysis of these trends in relation to resource use by developed economies. It shows that trends toward a lower material content of production are occurring, and this has led to poor demand conditions for primary producers. Nevertheless, these trends fall well short of eliminating Western economies' dependence on key resources. This paper shows the changing role of resources in economic activity among developed economies. Copyright 2006 American Journal of Economics...
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Papers by Jonathan R Perraton