The objective of this reader is manifold: On the one hand, it intends to establish a new perspective at the policy level named ‘market constellations’: institutionally embedded systems of macroeconomic governance which are able to explain differences in growth and employment developments. At the polity level, the question raised is whether or not market constellations can be governed and, thus, whether institutions can be created which will provide the incentives necessary for favourable market constellations. Finally, at the politics level, the immediate question is whether (distributional) vested interests can be bared in order to explain the motivations to create certain market constellations. A promising approach to tackle this task needs to take into account different cultural backgrounds and must provide political transmission mechanisms for turning vested interests into policy.

Arne Heise is professor of Public Economics and Public Policy and Director of the Centre for Economic and Sociological Studies (CESS) at the Department of Socioeconomics, Hamburg University (Germany), and affiliated professor of Economics at the Department of Economics, Izmir University of Economics (Turkey). He is author of several books and numerous articles on macroeconomic theory and policy, regional editor of the and member of the editorial board of .

Contents: Arne Heise: Post Keynesian theory of economic policy - filling a void – Arne Heise: Market Constellations and Macroeconomic Policymaking. Institutional Impacts on Economic Performance – Hansjörg Herr/Jan Priewe: Macroeconomic ‘Regimes’ for Growth and Stagnation in Developing Countries – Arne Heise: The Political Economy of Meritocracy – Toralf Pusch/Arne Heise: Central Banks, trade unions, and reputation - is there room for an expansionist maneuver in the European Union? – Arne Heise: Germany heading for a new ‘Economic Miracle’? – Ulrich Fritsche/Michael Heine/Hansjörg Herr/Gustav Horn/Cornelia Kaiser: Macroeconomic regime and economic development: the case of the USA – Thomas Sauer/Lena Dräger: The autonomy of national policy in a globalised world: the experience in the Scandinavian EU countries Denmark, Finland and Sweden – Alper Duman/Arne Heise: Growth Engines of the South-SABT in comparison – Hansjörg Herr/Jan Priewe: Belarus - reform laggard, repressed growth, high dollarization – Hansjörg Herr/Jan Priewe: Vietnam - high growth, Asian style, with risks. Inhaltsverzeichnis