Money, Markets, and the State : Social Democratic Economic Policies since 1918

Money, Markets, and the State provides in-depth explanations behind the various successes and failures of the economic policies of social democratic governments in five Western European countries: Germany, Great Britain, Sweden, Norway and the Netherlands. Dr. Notermans examines these economic systems from the inflation of the early twenties, through the Great Depression of the thirties, and then continues his analysis up to present-day mass unemployment. Drawing on a wide range of historical and statistical sources, Dr. Notermans argues that the fate of social democratic economic policy hinges critically on the political and institutional success of maintaining price stability.

"A timely and thought-provoking analysis of the macroeconomic forces and policies that have determined the strength and weakness of social democracy in Western Europe from the 1920es till now. Notermans' broad comparative and historical interpretation is a refreshing and masterful synthesis. It deserves wide attention by political scientists, economists and economic historians." Lars Jonung, Stockholm School of Economics

"In its historical sweep, economic sophistication, and analytic coherence, Notermans' theory of the basic constraints shaping macroeconomic policy in advanced capitalist countries is audacious and compelling. No discussion of economic policy dilemmas facing governments--not just social democratic ones--should proceed without taking it into account." Andrew Martin, Center for European Studies, Harvard University

"Notermans fires a cannon shot at comparative studies. The next century of social democracy will bring neither the end of socialism nor its "third way" transformation but rather the continuation of the cycle of social-democratic expansive macroeconomics and liberal disinflationary macroeconomics. This is a great claim, on a par with Hirschman's claim about the cycle of public and private involvement. It is based on methodological clarity and deep understanding of archives, theories and countries. Here is real synthesis of economic and political science at its best." Jos de Beus, University of Amsterdam

"[E]xtremely distinctive ... deeply impressive." Review of International Political Economy