This volume represents the beginning of a 'cross pollination' of different social scientific disciplines, bridging the boundaries between national and disciplinary epistemic communities in the worlds of European welfare markets. It maps the common ground and uncovers new research directions for the future study of actors, policies and institutions shaping the growth and dynamics of European welfare markets. The book defines welfare markets as politically shaped, regulated and state supported markets that provide social goods and services through the competitive activities of non-state actors. The chapters focus on what happens after states have initiated welfare markets, with equal weight given to the analysis of the agency of state actors and non-state actors in the contraction, stabilisation, and disruption of welfare markets. By focusing the analysis on two cases of welfare markets, private pensions and home-based domestic/care work, the contributions explore and compare the dynamics of different types of markets. The research will be of use to sociologists and scholars of social policy interested in the social dimension of welfare markets, political scientists and political economists, as well as diverse epistemic communities across the social sciences. Chapter 1 is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

An analysis of the welfare state from a political economy perspective that examines the effects of aging populations, migration, and globalization on industrialized economies. In The Decline of the Welfare State, Assaf Razin and Efraim Sadka use a political economy framework to analyze the effects of aging populations, migration, and globalization on the deteriorating system of financing welfare state benefits as we know them. Their timely analysis, supported by a unified theoretical framework and empirical findings, demonstrates how the combined forces of demographic change and globalization will make it impossible for the welfare state to maintain itself on its present scale. In much of the developed world, the proportion of the population aged 60 and over is expected to rise dramatically over the coming years—from 35 percent in 2000 to a projected 66 percent in 2050 in the European Union and from 27 percent to 47 percent in the United States—which may necessitate higher tax burdens and greater public debt to maintain national pension systems at current levels. Low-skill migration produces additional strains on welfare-state financing because such migrants typically receive benefits that exceed what they pay in taxes. Higher capital taxation, which could potentially be used to finance welfare benefits, is made unlikely by international tax competition brought about by globalization of the capital market. Applying a political economy model and drawing on empirical data from the EU and the United States, the authors draw an unconventional and provocative conclusion from these developments. They argue that the political pressure from both aging and migrant populations indirectly generates political processes that favor trimming rather than expanding the welfare state. The combined pressures of aging, migration, and globalization will shift the balance of political power and generate public support from the majority of the voting population for cutting back traditional welfare state benefits.

Winner of the 2019 Paul Sweezy Marxist Sociology Book Award presented by the Marxist Section of the American Sociological Association Families on welfare in the United States are the target of much public indignation from not only the general public but also political figures and the very workers whose job it is to help the poor. The question is, What explains this animus and, more specifically, the failure of the United States to prioritize a sufficient social wage for poor families outside of labor markets? The New Welfare Consensus offers a comprehensive look at welfare in the United States and how it has evolved in the last few decades. Darren Barany examines the origins of American antiwelfarism and traces how, over time, fundamentally conservative ideas became the dominant way of thinking about the welfare state, work, family, and personal responsibility, resulting in a paternalistic and stingy system of welfare programs.

Karl Polanyi’s The Great Transformation is generally acclaimed as being among the most influential works of economic history in the twentieth century, and remains as vital in the current historical conjuncture as it was in his own. In its critique of nineteenth-century ‘market fundamentalism’ it reads as a warning to our own neoliberal age, and is widely touted as a prophetic guidebook for those who aspire to understand the causes and dynamics of global economic turbulence at the end of the 2000s. Karl Polanyi: The Limits of the Market is the first comprehensive introduction to Polanyi’s ideas and legacy. It assesses not only the texts for which he is famous – prepared during his spells in American academia – but also his journalistic articles written in his first exile in Vienna, and lectures and pamphlets from his second exile, in Britain. It provides a detailed critical analysis of The Great Transformation, but also surveys Polanyi’s seminal writings in economic anthropology, the economic history of ancient and archaic societies, and political and economic theory. Its primary source base includes interviews with Polanyi’s daughter, Kari Polanyi-Levitt, as well as the entire compass of his own published and unpublished writings in English and German. This engaging and accessible introduction to Polanyi’s thinking will appeal to students and scholars across the social sciences, providing a refreshing perspective on the roots of our current economic crisis.

This third edition deploys its distinctive model of how policies develop to include an analysis of the social policy initiatives of the Obama administration. With more graphics, updated charts, and sidebars to highlight main points, this book explains the evolution of US social policy.

In The Politics of the Welfare State in Turkey, author Erdem Yörük provides a politics-based explanation for the post-1980 transformation of the Turkish welfare system, in which poor relief policies have replaced employment-based social security. This book is one of the results of Yörük’s European Research Council-funded project, which compares the political dynamics in several emerging markets in order to develop a new political theory of welfare in the global south. As such, this book is an ambitious analytical and empirical contribution to understanding the causes of a sweeping shift in the nature of state welfare provision in Turkey during the recent decades—part of a global trend that extends far beyond Turkey. Most scholarship about Turkey and similar countries has explained this shift toward poor relief as a response to demographic and structural changes including aging populations, the decline in the economic weight of industry, and the informalization of labor, while ignoring the effect of grassroots politics. In order to overcome these theoretical shortages in the literature, the book revisits concepts of political containment and political mobilization from the earlier literature on the mid-twentieth-century welfare state development and incorporates the effects of grassroots politics in order to understand the recent welfare system shift as it materialized in Turkey, where a new matrix of political dynamics has produced new large-scale social assistance programs.

This book examines the rise of welfare markets in Western societies and explores their functioning, regulation and embeddedness by addressing the particular field of old age provision, including both retirement provision and elderly care. It goes beyond a mere social policy analysis by investigating major cultural underpinnings of the new (quasi-)markets, with these underpinnings embracing collective normative representations of how societies (should) institutionally handle old age. The book looks at whether pension and care systems are converging under the influence of globalization – with marketization being a key phenomenon – and to what extent this is creating a transnational culture of welfare markets. This book, the first book to systematically describe and analyse the phenomenon of welfare markets, elucidates the complex cultural underpinnings of care and pensions systems in an era of marketization, arguing that we are facing a cultural struggle over the way late modern societies conceptualize institutional old-age provision.

Providing an in-depth case study on the emergence of social impact investing in the UK, this book develops a new perspective on financialization processes that highlights the roles of non-financial actors. In contrast to the common view that impact investing gears finance toward the solution of social problems, the author analyzes how these investments create new problems and inequalities. To explain how social impact investing became popular in British social policy despite its unclear effectiveness, the author focuses on cooperative relations between institutional entrepreneurs from finance and various non-financial actors. Drawing on field theory, he shows how seemingly unrelated social transformations – such as HM Treasury's expanding role in public service reform – may act as resonance spaces for the spread of finance. Opening up a new perspective on financialization processes in the terrain of public policy, this book invites readers to refocus scholarship on capitalist dynamics to the meso-level. Based on this analysis, the author also proposes ways to transform social impact investing to increase its potential for reducing global inequalities.

Focusing on the distribution of risk within societies, this book presents a parsimonious theory of social policy emergence, divergence, and change. It is suitable for advanced undergraduate courses and graduate seminars in political economy, social policy, labor market politics, political behavior, political psychology, sociology, and class stratification.

This volume represents the beginning of a 'cross pollination' of different social scientific disciplines, bridging the boundaries between national and disciplinary epistemic communities in the worlds of European welfare markets. It maps the common ground and uncovers new research directions for the future study of actors, policies and institutions shaping the growth and dynamics of European welfare markets. The book defines welfare markets as politically shaped, regulated and state supported markets that provide social goods and services through the competitive activities of non-state actors. The chapters focus on what happens after states have initiated welfare markets, with equal weight given to the analysis of the agency of state actors and non-state actors in the contraction, stabilisation, and disruption of welfare markets. By focusing the analysis on two cases of welfare markets, private pensions and home-based domestic/care work, the contributions explore and compare the dynamics of different types of markets. The research will be of use to sociologists and scholars of social policy interested in the social dimension of welfare markets, political scientists and political economists, as well as diverse epistemic communities across the social sciences. Chapter 1 is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.