Framing a New Political Economy
Overview
Framing a New Political Economy is a core component of The New School’s Towards a New Democratic Political Economy initiative. It brings together leading scholars from across disciplines to design an economic framework that is more egalitarian and just than neoliberal economies, and more politically liberal than contemporary anti-democratic regimes.
Objectives
- Develop a New Framework: Move beyond the limitations of both neoliberal demand management focused on inflation targeting and illiberal suppression of labor and democracy.
- Integrate Theory and Practice: Connect demand-led macrodynamics and macroeconomic policy with pressing supply-side challenges such as industrial policy, climate change, labor rights, and gender equity.
- Promote Equality and Democracy: Explore models that expand wages, redistribute income, regulate finance for industrial growth, and strengthen worker rights and environmental protections.
- Inspire Bold Thinking: Generate innovative approaches that redefine the foundations of political economy in today’s transitional moment.
Activities
As part of the Towards a New Democratic Political Economy initiative, the team will engage in:
- Annual Convenings: Gatherings of scholars across economics, political science, sociology, and environmental studies.
- Collaborative Research: Development of new theoretical contributions to support democratic and inclusive economic systems.
- Publications and Dissemination: Reports, articles, and events designed to reach both academic and policy audiences.
- Cross-Disciplinary Dialogue: A platform where diverse schools of thought—from post-Keynesian to institutionalist—debate and collaborate.
Participants
The contributors to Framing a New Political Economy include the following list of scholars (see full bios below):
- Özlem Onaran (University of Greenwich)
- Jasmin Lukasz (University of Greenwich)
- Maria Nikolaidi (University of Greenwich)
- Gustavo Pereira Serra (Sao Paulo State University)
- Luca Zamparelli (Sapienza University of Rome)
- Clara Zanon Brenck (Universidade Federal de Minas Gerais)
Outcomes
The project will establish new “nodes of knowledge” in political economy, spur innovative economic thinking, and provide fresh ideas for policymakers worldwide. By focusing on both supply- and demand-side challenges, it aims to create a foundation for a democratic and sustainable economic future.
Meet the team
Mark Setterfield is the Leo Model Professor of Economics at The New School for Social Research. He is also a Fellow of the Forum for Macroeconomics and Macroeconomic Policies (FMM) at the Macroeconomic Policy Institute (IMK) of the Hans-Böckler Foundation, Germany. He is the co-author (with Hagen Krämer and Christian Proaño) of Capitalism, Inclusive Growth, and Social Protection: Inherent Contradiction or Achievable Vision? Cheltenham, UK: Edward Elgar (2023).
Nic Fort
NSSR Research Assistant
Nic Fort is an MA student in Economics at the New School for Social Research. His academic interests include money and banking, inflation, complex systems theory, and economic methodology. Previously, he studied philosophy as an undergraduate at Stanford University.
Özlem Onaran is Professor of Economics at the University of Greenwich, the co-director of the Institute of Political Economy, Governance, Finance and Accountability, and Associate Head of School of Accounting, Finance and Economics for Research. She has done extensive research on issues of inequalities, growth, employment, fiscal policy, care economy, gender, and green economy, and published more than hundred articles in leading peer reviewed journals and books. She has directed research projects for the UN International Labour Organisation, UNCTAD, ESRC Rebuilding Macroeconomics, ITUC, the Institute for New Economic Thinking, the Foundation of European Progressive Studies, the Vienna Chamber of Labour, the Austrian Science Foundation, and Unions21. She is member of the Council of the Progressive Economy Forum, Scientific Committee of the Foundation of European Progressive Studies, Scientific Advisory Board of Hans Boeckler Foundation, the Policy Advisory Group of the Women’s Budget Group, and the Coordinating Committee of the Research Network Macroeconomics and Macroeconomic Policies.
Dr. Maria Nikolaidi is an Associate Professor in Economics at the University of Greenwich. She is also a Fellow at the Forum for Macroeconomics and Macroeconomic Policies (FMM). Her research areas include macrofinancial policies, ecological macroeconomics and financial fragility. Her work has been published in peer-reviewed journals, including the Cambridge Journal of Economics, Ecological Economics, the Journal of Financial Stability, the Journal of Economic Surveys and Structural Change and Economic Dynamics. She has worked on research projects on ecological macroeconomic modelling, the greening of monetary policy and the links between income distribution and growth. She is a member of the committee of the Post-Keynesian Economics Society (PKES) and a Trustee of the Foundation for European Economic Development (FEED).
Jasmin Lukasz
Contributor
Jasmin Lukasz is a PhD candidate in Economics at the University of Greenwich. Her research focusses on the effects of green transition and care economy policies on the macroeconomic and sectoral level, as well as on inequalities and the environment.
Gustavo Pereira Serra
Contributor
Gustavo Pereira Serra is an Assistant Professor at Sao Paulo State University (UNESP), Brazil. He holds a Ph.D. in Economics from The New School for Social Research. He is also an Associate Researcher at the Research Center on Macroeconomics of Inequalities (Made/FEA-USP).
Luca Zamparelli is a New School for Social Research alumnus and currently a Professor of Economics at Sapienza University of Rome. His research mainly focuses on macrodynamic models of growth and distribution, endogenous growth theory, and classical political economy.
Clara Zanon Brenck
Contributor
Clara Zanon Brenck is a Professor at the Department of Economics at the Universidade Federal Minas Gerais (UFMG) and researcher at Cedeplar (UFMG). She is also an associate researcher at the Research Center for Macroeconomics of Inequalities (Made/USP). Holds a PhD in economics from the New School for Social Research and a master’s in economics from FEA/USP.