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date: 19 January 2021

Abstract and Keywords

Scholars in the American political development community have constructed an understanding of political economy that differs significantly from the approaches of neo-classical and institutional economists. Those differences are examined with respect to (a) the causal primacy of states and markets; (b) the reliance on collectives or individuals as primary units of analysis; (c) the selection and comprehension of alternative strategies and goals; (d) the primary motivations of political and economic actors; and (e) the role of ideation and ideology in the formation of causal explanations and social values. Although the American political development conception of political economy might subsume and even go beyond the conventional neo-classical or institutional models, American political development research has resembled a tapestry in which some areas of the American experience are very well represented while other areas remain relatively unexplored.

Keywords: markets, the state, political economy, institutions, American political development, neo-classical economics, institutional economics

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