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  1. Over the past century, the rise and fall of economic policy orders have
  2. been shaped by a paradox, as intellectual and institutional stability
  3. have repeatedly caused market instability and crisis. To highlight such
  4. dynamics, this volume offers a theory of Economic Ideas in Political Time.
  5. The author counters paradigmatic and institutionalist views of ideas as
  6. enabling self-reinforcing path dependencies, offering an alternative social
  7. psychological argument that ideas which initially reduce uncertainty can
  8. subsequently fuel misplaced certainty and crises. Historically, the book
  9. then traces the development and decline of the Progressive, Keynesian,
  10. and Neoliberal orders, arguing that each order’s principled foundations
  11. were gradually displaced by macroeconomic models that obscured new
  12. causes of the Great Depression, Great Stagfl ation, and Global Financial
  13. Crisis. Finally, in policy terms, Widmaier stresses the costs of intellectual
  14. autonomy, as efforts to “prevent the last crisis” have repeatedly obscured
  15. new causes of crises.
  16. Wesley W. Widmaieris an associate professor of Political Science at
  17. Griffi th University, in Brisbane, Australia, where he has advanced parallel research agendas into the construction of economic crises and wars
  18. as mechanisms which drive large-scale change. Over the past decade,
  19. his research has been published in such journals as International Studies
  20. Quarterly, Review of International Political Economy, New Political
  21. Economy, Review of International Studies, and the European Journal
  22. of International Relations. Dr. Widmaier served as 2014 Program Chair
  23. and 2015 Section Chair of the International Political Economy Section
  24. of the International Studies Association, and is Lead Editor of Review of
  25. International Political Economy.
  26. © in this web service Cambridge University Press
  27. Cambridge University Press
  28. 978-1-107-15031-7 - Economic Ideas in Political Time: The Rise and Fall of Economic Orders
  29. from the Progressive Era to the Global Financial Crisis
  30. Wesley W. Widmaier
  31. Frontmatter
  32. More information
  33.  Advance Praise for Economic Ideas in Political Time
  34. “One of the rediscovered wisdoms of the fi nancial crisis was Hyman
  35. Minsky’s line that ‘stability breeds instability.’ The line was good, but the
  36. puzzle was why that should be the case? Minsky’s answer was the growth
  37. of Ponzi fi nance. Wes Widmaier gives us another: that periods of institutional construction marked by a politics of principle inevitably give way
  38. to a politics of technocratic maintenance that mistakes stability in models
  39. for stability in the world. These disjunctures in political time, between
  40. models and the world, generate regime- changing crises. Minsky has just
  41. been given political microfoundations.”
  43.  Mark Blyth, Eastman Professor of Political
  44. Economy, Brown University

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