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Market Constellation Research

A Modern Governance Approach to Macroeconomic Policy

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Edited By Arne Heise

The objective of this reader is manifold: On the one hand, it intends to establish a new perspective at the policy level named ‘market constellations’: institutionally embedded systems of macroeconomic governance which are able to explain differences in growth and employment developments. At the polity level, the question raised is whether or not market constellations can be governed and, thus, whether institutions can be created which will provide the incentives necessary for favourable market constellations. Finally, at the politics level, the immediate question is whether (distributional) vested interests can be bared in order to explain the motivations to create certain market constellations. A promising approach to tackle this task needs to take into account different cultural backgrounds and must provide political transmission mechanisms for turning vested interests into policy.

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5 Acknowledgements ......................................................................................................... 7 List of contributors .......................................................................................................... 9 Introduction ................................................................................................................... 11 Part I: General Conceptions 1. Post Keynesian theory of economic policy – filling a void ..................................... 21 Arne Heise 2. Market Constellations and Macroeconomic Policymaking. Institutional Impacts on Economic Performance ....................................................................................... 39 Arne Heise 3. Macroeconomic ‘Regimes’ for Growth and Stagnation in Developing Countries .. 63 Hansjörg Herr and Jan Priewe 4. The Political Economy of Meritocracy .................................................................... 91 Arne Heise 5. Central Banks, trade unions, and reputation – is there room for an expansionist maneuver in the European Union? ......................................................................... 117 Toralf Pusch and Arne Heise Part II: Country Studies 6. Germany heading for a new ‘Economic Miracle’? ................................................ 139 Arne Heise 7. Macroeconomic regime and economic development: the case of the USA ........... 155 Ulrich Fritsche, Michael Heine, Hansjörg Herr, Gustav Horn and Cornelia Kaiser 8. The autonomy of national policy in a globalised world: the experience in the Scandinavian EU countries Denmark, Finland and Sweden .................................. 181 Thomas Sauer and Lena Dräger 9. Growth Engines of the South- SABT in comparison ............................................. 211 Alper Duman and Arne Heise 6 10. Belarus – reform laggard, repressed growth, high dollarization ......................... 239 Hansjörg Herr and Jan Priewe 11. Vietnam – high growth, Asian style, with risks ................................................... 257 Hansjörg Herr and Jan Priewe

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