The period of past four decades has been characterized as one of neo-liberalism, financialization, globalization, privatization and de-regulation. Inequality has risen in industrialised countries, labour’s share in national income has been in decline and economic growth slowed. The evidence of...

One of the enduring conclusions of political economy is that the government's share of the economy tends to grow over time and with a rising gross domestic product (GDP) per capita. Yet, from the late 1980s through to 2008, government spending as a percentage of GDP declined in the typical year...

The idea that all types of economic freedom - including limited government - promote prosperity is challenged by the fact that some countries successfully combine a large public sector with high taxes and otherwise high levels of economic freedom. To explain the co-existence of economic freedom...

Preface and acknowledgments -- Introduction -- The influence of the legal and institutional framework -- The economy and society diverge : setting up the insecurity cycle -- The state steps in : and then back out again -- More problems with capitalism : but new ideas are slow to gain traction --...