Monica Prasad

This project develops a “demand-side” theory of comparative political economy. For all of their divergences, our theories of comparative political economy ignore the ways in which the American state has often been more interventionist and less liberal than any European country. Perhaps for this reason, they have been unable to explain some central facets of our world, including the greatest financial crisis since the Great Depression. This study develops a theory that is more closely engaged with recent developments in American historiography, and that does a better job of explaining economic growth, poverty, and inequality.