William McColloch

Abstract

The present paper seeks to locate the Bhaduri–Marglin (B-M) model as an historical outcome of the Left’s internal disputes over the prospects for social democracy. In better contextualizing the B-M model as a historical response to the perceived political economic failings of the social compromises upon which the growth of postwar advanced capitalist economies had rested, both the model’s popularity and its potential limitations can more easily be understood.

Keywords

Wage-led growth, social structures of accumulation (SSA) theory, political economy, history of economic thought, capital accumulation

From: Review of Radical Political Economics 49 (4)

Editor: Wang Yi