This book examines current theories of institutional change. The chapters highlight the limitations of these theories. Instead a model emerges of contemporary political economies developing in incremental but cumulatively transformative processes. (Provided by publisher)

The attempt to reduce the role of the state in the market through tax cuts, decreases in social spending, deregulation, and privatization—""neoliberalism""—took root in the United States under Ronald Reagan and in Britain under Margaret Thatcher. But why did neoliberal policies gain such...