A capital trade in policies

In this relatively short book, Andrew Glyn critically reviews four broad areas that are the subject of much economic analysis: economic growth, the changing role of markets, internationalisation and social welfare.

The author synthesises academic research in these areas and uses a historical perspective - essentially covering the past 40 years - to evaluate the revolution in attitudes to the role of capital and its impact on the global economic system.

In seven brief chapters, Glyn traces the major changes that have taken place since the breakdown of the Bretton Woods system of fixed exchange rates and analyses the causes and consequences of the resurgence of capitalism, attitudes to private ownership, the growth of financial markets, the effects of globalisation and welfare and income inequality.

While some of the discussion relates to individual countries, the analysis is about common trends across the developed economies and the huge shift in economic policies and behaviour that has taken place.

At the same time, Glyn provides a critique of contemporary capitalism, since the book questions many of the commonly accepted benefits of the current dominant free-market paradigm. As such, it also helps to explain the shift in the political debate that accompanied this resurgence in capitalism.

For teachers, this book offers a useful primer for a wide range of courses in economics and finance, but it would be equally helpful to students in politics and social policy. While users should be encouraged to read the whole book, the chapters are sufficiently self-contained to be recommended on their own.