{"title":"What causes polarized stagnation, corporate economy, or welfare state?: Insights from new development economics","authors":"Sung‐Hee Jwa","doi":"10.1111/ecpo.12316","DOIUrl":null,"url":null,"abstract":"This study explores polarized economic stagnation from the perspective of a capitalist corporate economy. It introduces two institutional policy paradigms: economic differentiation (ED) and economic egalitarianism (EE). ED‐friendly “market democracy” promotes shared growth, whereas EE‐friendly “egalitarian democracy” leads to polarized stagnation. The corporate economy is portrayed as the epitome of the ED institution leading shared growth, whereas the redistributive welfare state based on EE institutions could bring polarized stagnation. Empirical analysis tests these hypotheses and discovers that the world's polarized stagnation may be linked to “welfare policy under egalitarian democracy” rather than “corporate growth under market democracy” as commonly thought.","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.5000,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economics & Politics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/ecpo.12316","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
This study explores polarized economic stagnation from the perspective of a capitalist corporate economy. It introduces two institutional policy paradigms: economic differentiation (ED) and economic egalitarianism (EE). ED‐friendly “market democracy” promotes shared growth, whereas EE‐friendly “egalitarian democracy” leads to polarized stagnation. The corporate economy is portrayed as the epitome of the ED institution leading shared growth, whereas the redistributive welfare state based on EE institutions could bring polarized stagnation. Empirical analysis tests these hypotheses and discovers that the world's polarized stagnation may be linked to “welfare policy under egalitarian democracy” rather than “corporate growth under market democracy” as commonly thought.
期刊介绍：
Economics & Politics focuses on analytical political economy, broadly defined as the study of economic and political phenomena and policy in models that include political processes, institutions and markets. The journal is the source for innovative theoretical and empirical work on the intersection of politics and economics, at both domestic and international levels, and aims to promote new approaches on how these forces interact to affect political outcomes and policy choices, economic performance and societal welfare. Economics & Politics is a vital source of information for economists, academics and students, providing: - Analytical political economics - International scholarship - Accessible & thought-provoking articles - Creative inter-disciplinary analysis
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