The American Political Economy: Politics, Markets, and Power

This volume brings together leading political scientists to explore the distinctive features of the American political economy. The introductory chapter provides a comparatively informed framework for analyzing the interplay of markets and politics in the United States, focusing on three key factors: uniquely fragmented and decentralized political institutions; an interest grou...

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This volume brings together leading political scientists to explore the distinctive features of the American political economy. The introductory chapter provides a comparatively informed framework for analyzing the interplay of markets and politics in the United States, focusing on three key factors: uniquely fragmented and decentralized political institutions; an interest group landscape characterized by weak labor organizations and powerful, parochial business groups; and an entrenched legacy of ethno-racial divisions embedded in both government and markets. Subsequent chapters look at the fundamental dynamics that result, including the place of the courts in multi-venue politics, the political economy of labor, sectional conflict within and across cities and regions, the consolidation of financial markets and corporate monopoly and monopsony power, and the ongoing rise of the knowledge economy. Together, the chapters provide a revealing new map of the politics of democratic capitalism in the United States.

Part of Cambridge Studies in Comparative Politics

Editors

Jacob S. Hacker, Yale University, Connecticut

Jacob S. Hacker is Stanley Resor Professor of Political Science at Yale University. He is the author or co-author of six books, including, most recently, Let Them Eat Tweets and American Amnesia (with Paul Pierson) (2020).

Alexander Hertel-Fernandez, Columbia University, New York

Alexander Hertel-Fernandez is Associate Profe...

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Editors

Jacob S. Hacker, Yale University, Connecticut

Jacob S. Hacker is Stanley Resor Professor of Political Science at Yale University. He is the author or co-author of six books, including, most recently, Let Them Eat Tweets and American Amnesia (with Paul Pierson) (2020).

Alexander Hertel-Fernandez, Columbia University, New York

Alexander Hertel-Fernandez is Associate Professor at Columbia University. He studies the politics of US public policy with a focus on labor, business, and the workplace. He is the author of Politics at Work (2018), which won the 2019 Robert A. Dahl and Gladys Kammerer Awards from the American Political Science Association, and State Capture.

Paul Pierson, University of California, Berkeley

Paul Pierson is John Gross Professor of Political Science at University of California, Berkeley. He is the author or co-author of six books on American and comparative politics, including Let Them Eat Tweets and American Amnesia (with Hacker) (2020).

Kathleen Thelen, Massachusetts Institute of Technology

Kathleen Thelen is Ford Professor of Political Science at Massachusetts Institute of Technology. Her research examines the origins and impact of political-economic institutions in the rich democracies. Her books include Varieties of Liberalization and the New Politics of Social Solidarity (Cambridge, 2014) and How Institutions Evolve (Cambridge, 2008), which won the Woodrow Wilson Foundation Award of the American Political Science Association.

Contributors

Jacob S. Hacker, Alexander Hertel-Fernandez, Paul Pierson, Kathleen Thelen, Nathan J. Kelly, Jana Morgan, K. Sabeel Rahman, Chloe Thurston, Jessica Trounstine, Thomas K. Ogorzalek, Jacob M. Grumbach, Herman Mark Schwartz, Benjamin Braun, Suresh Naidu, David Soskice, Lucy Barnes, Ben Ansell, Jane Gingrich

Introduction
American political economy: a framework and agenda for research Jacob S. Hacker, Alexander Hertel-Fernandez, Paul Pierson, and Kathleen Thelen
Part I. Political Arenas and Actors:
1. Hurdles to shared prosperity: congress, parties, and the national policy process in an era of inequality Nathan J. Kelly and Jana Morgan
2. The role of the law in the American political economy K. Sabeel Rahman and Kathleen Thelen
3. Collective action, law, and the fragmented development of the American labor movement Alexander Hertel-Fernandez
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Introduction
American political economy: a framework and agenda for research Jacob S. Hacker, Alexander Hertel-Fernandez, Paul Pierson, and Kathleen Thelen
Part I. Political Arenas and Actors:
1. Hurdles to shared prosperity: congress, parties, and the national policy process in an era of inequality Nathan J. Kelly and Jana Morgan
2. The role of the law in the American political economy K. Sabeel Rahman and Kathleen Thelen
3. Collective action, law, and the fragmented development of the American labor movement Alexander Hertel-Fernandez
Part II. Race, Space, and Governance:
4. Racial inequality, market inequality, and the American political economy Chloe Thurston
5. The production of local inequality: race, class, and land use in American cities Jessica Trounstine
6. The city re-centered? Local inequality mitigation in the twenty-first century Thomas K. Ogorzalek
7. The political economies of red states Jacob M. Grumbach, Jacob S. Hacker, and Paul Pierson
Part III. Corporate Power and Concentration:
8. Mo' patents, mo' problems: corporate strategy, structure and profitability in America's political economy Herman Mark Schwartz
9. Asset manager capitalism as a corporate governance regime Benjamin Braun
10. Labor market power in the American political economy Suresh Naidu
Part IV. The American Knowledge Economy:
11. The United States as radical innovation driver: the politics of declining dominance? David Soskice
12. Public investment in the knowledge economy Lucy Barnes
13. Concentration and commodification: the political economy of post-industrialism in America and beyond Ben Ansell and Jane Gingrich
14. The American political economy confronts covid-19 Jacob S. Hacker, Alexander Hertel-Fernandez, Paul Pierson, and Kathleen Thelen.
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