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date: 28 November 2020

Abstract and Keywords

This article focuses on broad theoretical questions and puzzles in political economy as they relate to research on redistribution and the welfare state. Then, it describes three different approaches to the study of democratic redistribution, and considers the recent literature on capitalism as an economic system and how economic and democratic institutions relate to one another as well as to the welfare state. It is suggested that there is a new structuralist turn in political economy where the parameters for models of institutional design are derived from the specific historical conditions that have shaped capitalism in different parts of the world. Furthermore, the article discusses modern capitalism as an economic system with distinct implications for distribution and the welfare state. It finally deals with a new form of structuralism.

Keywords: political economy, welfare state, democratic redistribution, capitalism, economic institution, democratic institution, structuralism, economic system

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