The politics of the British model of capitalism's flatlining productivity and anaemic growth: Lessons for the growth models perspective. (November 2022)

• Record Type: Journal Article
• Authors: Clift, Ben; McDaniel, Sean
• Is Part Of: British journal of politics and international relations. Volume 24:Number 4(2022)
• Page Start: 631
• Page End: 648
• Publication Date: 2022-11
• Subjects: British capitalism -- comparative political economy -- growth models -- investment -- labour markets -- productivity puzzle -- varieties of capitalism; Great Britain -- Politics and government -- 1997-2007 -- Periodicals; Great Britain -- Politics and government -- Periodicals; Great Britain -- Foreign relations -- 1945- -- Periodicals; 320.094105
• DOI: 10.1177/13691481211044638
• Languages: English
• ISSNs: 1369-1481

Abstract

This article assesses the usefulness of the growth models perspective for understanding contemporary British capitalism in the context of its ongoing 'productivity puzzle' and stagnating economic growth. The analysis of British capitalism supports our argument that growth models perspective analyses currently have limited capacity to understand the developmental trajectory of growth models, the instabilities and dysfunctionalities of these models, and how growth comes to be distributed differently across models. Through analysis of capital investment patterns and labour market characteristics, it reveals the importance of the 'politics of productivity', embedded in state institutions, which shapes the nature and distribution of economic growth. The article outlines a new framework for growth models analysis that 'brings the supply-side back in' for a more holistic approach to the political economy of capitalist growth (and non-growth). It argues this is critical for understanding patterns of political economic development in the British model of capitalism and beyond.