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Dr Ivano Cardinale

Staff details

PositionLecturer in Economics
Email i.cardinale (@gold.ac.uk)
Phone+44 (0)20 7296 4220
Dr Ivano Cardinale

Forthcoming publications

“Beyond Constraining and Enabling: Towards New Microfoundations for Institutional Theory”, Academy of Management Review

The Political Economy of the Eurozone, (edited by I. Cardinale, D. Coffman and R. Scazzieri), Cambridge University Press


I joined the IMS from the University of Cambridge, where I was the Mead Fellow in Economics (Junior Research Fellow) at Emmanuel College. I received my PhD from the University of Cambridge.

I am Honorary Senior Research Associate at the Bartlett (UCL) and affiliated faculty member at the Cambridge Faculty of Economics. I am also Research Associate at the Centre for Financial History of the University of Cambridge and at the School of Economics, Management and Statistics of the University of Bologna, and Member of the Scientific Advisory Board of the Research Centre in Economic Analysis and International Economic Development, Catholic University of Milan. I have been elected Life Member of Clare Hall, Cambridge.

I have devoted my institutional activity to creating platforms – of research and teaching – that bring together different traditions in economics and compare their insights on the economy and society.

At Goldsmiths I co-initiated the pluralist and interdisciplinary BA/BSc in Economics. (See also here)

At the Cambridge Faculty of Economics, I am the main lecturer in history of economic thought in the new History and Philosophy of Economics course of the BA Economics, coordinated by Ha-Joon Chang. (See also here)

I previously founded the Cambridge Research Seminar in Political Economy at Emmanuel College.

Research

I study foundational issues at the interface between economics, political economy, and social and organizational theory.

In economics, I study how sectoral models often question received results of micro and macro analysis. In political economy, I use sectoral models to unveil largely unexplored conflicts of interest – and possibilities for cooperation. In social and organizational theory, I am developing a theory of how agency and structure interact within human action; I use it to understand institutions, technology, and choice under uncertainty. I also deploy this theory in a political economy context, to understand how political-economy structures influence decisions and are shaped by them in turn.

I see these projects as part of a broader programme: understanding how social and economic structures interact with actors’ decisions in shaping the structure of economic interests, their political representation, and the political-economy paths open to societies.

Political Economy

In Quesnay’s 1758 Tableau économique, sectors were the main socio-political entities. With the Classics and Marx, classes took centre stage. The 20th century witnessed a renewed interest in sectoral analysis, but it only focussed on material interdependencies, neglecting the socio-political relevance of sectors. My research programme, which I describe as “Structural Political Economy” (SPE), aims to bring back that dimension. I use the tools and results of modern sectoral analysis to understand the political economy: how the economic and the political overlap in contemporary societies.

-The Political Economy of the Eurozone, (edited by I. Cardinale, D. Coffman and R. Scazzieri), Cambridge University Press, 2017. The Eurozone is not a mere currency area. It is also a unique polity whose actors span multiple levels (supranational, national, regional, sectoral) and pursue overlapping economic and political objectives. The book provides tools to capture these features. It brings together historians, economists, political scientists and policy-makers. It includes:

  • “Sectoral Interests and ‘Systemic Interest’: Towards a Structural Political Economy of the Eurozone”
  • “Framing the Political Economy of the Eurozone: Structural Heuristics for Analysis and Policy” (with D. Coffman and R. Scazzieri)
  • “Exploring Sectoral Conflicts of Interests in the Eurozone: A Structural Political Economy Approach” (with M. Landesmann; a previous version is available in wiiw Essays and Occasional Papers, No. 3, December 2016)

The Palgrave Handbook of Political Economy (edited by I. Cardinale and R. Scazzieri), Palgrave Macmillan, 2018. The book continues the tradition of Inglis Palgrave’s 1894-9 Dictionary of Political Economy and The New Palgrave: A Dictionary of Economics (1987 and 2008). But this book doesn’t chart a field—it aims to outline one. It presents political economy as the study of the overlap between the economic and the political, highlighting the tools provided by traditions of economic analysis and beyond. It includes:

  • “Structural Political Economy
  • “Political Economy as Science of Society” (with R. Scazzieri)
  • “Classical Political Economy” (with L.L. Pasinetti)

- “Economic Interdependencies and Political Conflict: The Political Economy of Taxation in Eighteenth-Century Britain” (with D. Coffman) Economia Politica, 31(3), pp. 277-300. Taxation rose very rapidly in 18th-century Britain; why was it politically sustainable? We show that political actors were aware of sectoral interdependencies and the limits they imposed on political conflict. As a result, policies took interdependencies into account.

- “Towards a Structural Political Economy of Resources”. In M. Baranzini et al. (eds.) Resources, Production and Structural Dynamics, Cambridge University Press, pp. 198-210. Would a transition from hydrocarbons to renewable sources hinder economic growth? Here I outline economic and political-economy conditions under which this need not be the case.

Economics

Sectoral models of the economy can often question received results of micro and macro analysis. I am applying them to new areas of research.

- “Structural Liquidity: The Money-Industry Nexus”. (with R. Scazzieri) Structural Change and Economic Dynamics, 39, pp. 46-53. The impact of finance on the real economy becomes clearer, we argue, if one looks at the sectoral structure of the economy and the time-dimension of production. This reveals unexpected policy trade-offs.

- “Towards a Structural Theory of Infrastructure”. Working paper; presented at the Bartlett (UCL). Infrastructure is vital for the economy, but in economics it is much undertheorized. Here I outline a sectoral-level theory of infrastructure and explore its political-economy implications.

- Periodic Industrial Crises. English edition of Aftalion, A., 1913. Les crises périodiques de surproduction, éditions M. Rivière, Paris. (edited by I. Cardinale, D. Coffman and R. Scazzieri), Anthem Books, forthcoming 2018. The first English edition of an insightful – but often overlooked – structural theory of the business cycle. With an introduction that puts it into context and reflects on how it can contribute to modern research.

Social and organizational theory

It has become common wisdom that structures enable and constrain action. But something is missing, I argue: structures not only constrain (make some actions impossible), and enable (make some actions possible), but also actively orient towards some actions out of the many which are possible. Doing justice to this view requires a new take on how agency and structure interact within human action. And it has wide-ranging implications across the social sciences, including political economy.

- “Beyond Constraining and Enabling: Towards New Microfoundations for Institutional Theory”, forthcoming, Academy of Management Review. A theory of action that makes sense of how structures (including institutions) not only constrain and enable, but also actively orient action. I draw implications for the institutional theory of organizations.

- “Technology and Human Practices: Beyond Constraining and Enabling” (with J. Runde). Working paper; presented at EGOS conference. We apply the above theory of action to technology.

- “Towards a Theory of Unimagined Events”. Working paper; presented at AoM, SMS and DRUID conferences among others. Why the above theory of action matters for decision-making under uncertainty. 

Research Interests

Economic theory at the intermediate levels of analysis, finance and the real economy, economic crises, political economy, economic policy, historical political economy, history of economic thought, political economy of the Eurozone, economics of infrastructure, methodology of economics and the social sciences, social and organisational theory, institutional theory, technology and innovation, decision-making under fundamental uncertainty.

Publications

Edited Book

The Palgrave Handbook of Political Economy
Cardinale, Ivano and Scazzieri, R, eds. 2017. The Palgrave Handbook of Political Economy. London: Palgrave Macmillan.

Periodic Industrial Crises
Cardinale, Ivano; Coffman, D'Maris and Scazzieri, Roberto, eds. 2016. Periodic Industrial Crises. London: Anthem Books.

The Political Economy of the Eurozone
Cardinale, Ivano; Coffman, D and Scazzieri, R, eds. 2016. The Political Economy of the Eurozone. Cambridge: Cambridge University Press.

Book Section

Structural political economy
Cardinale, Ivano. 2017. Structural political economy. In: Ivano Cardinale and R Scazzieri, eds. The Palgrave Handbook of Political Economy. London: Palgrave Macmillan.

Introduction: Political economy as a science of society
Cardinale, Ivano and Scazzieri, R. 2017. Introduction: Political economy as a science of society. In: Ivano Cardinale and R Scazzieri, eds. The Palgrave Handbook of Political Economy. London: Palgrave Macmillan.

Towards a political economy of industrial crises
Cardinale, Ivano; Coffman, D and Scazzieri, R. 2016. Towards a political economy of industrial crises. In: Ivano Cardinale; D Coffman and R Scazzieri, eds. Periodic Industrial Crises. London: Anthem Books.

The political economy of the Eurozone: Structural heuristics and policy analysis
Cardinale, Ivano; Coffman, D'Maris and Scazzieri, Roberto. 2016. The political economy of the Eurozone: Structural heuristics and policy analysis. In: Ivano Cardinale; D Coffman and R Scazzieri, eds. The Political Economy of the Eurozone. Cambridge: Cambridge University Press.

Towards a structural political economy of the Eurozone
Cardinale, Ivano. 2016. Towards a structural political economy of the Eurozone. In: Ivano Cardinale; D Coffman and R Scazzieri, eds. The Political Economy of the Eurozone. Cambridge: Cambridge University Press.

Exploring sectoral conflicts of interest in the Eurozone: A structural political economy approach
Cardinale, Ivano and Landesmann, Michael. 2016. Exploring sectoral conflicts of interest in the Eurozone: A structural political economy approach. In: Ivano Cardinale; D Coffman and R Scazzieri, eds. The Political Economy of the Eurozone. Cambridge: Cambridge University Press.

Framing the political economy of the Eurozone: A structural Heuristics for analysis and policy
Cardinale, Ivano; Coffman, D and Scazzieri, R. 2016. Framing the political economy of the Eurozone: A structural Heuristics for analysis and policy. In: Ivano Cardinale; D Coffman and R Scazzieri, eds. The Political Economy of the Eurozone. Cambridge: Cambridge University Press.

Towards a structural political economy of resources
Cardinale, Ivano. 2015. Towards a structural political economy of resources. In: Mauro Baranzini; Claudia Rotondi and Roberto Scazzieri, eds. Resources, Production and Structural Dynamics. Cambridge: Cambridge University Press, pp. 198-210. ISBN 978-1107079090

Article

Beyond Constraining and Enabling: Towards New Microfoundations for Institutional Theory
Cardinale, Ivano. 18 December 2016. Beyond Constraining and Enabling: Towards New Microfoundations for Institutional Theory. Academy of Management Review, ISSN 0363-7425

Structural liquidity: The money-industry nexus
Cardinale, Ivano and Scazzieri, R. 1 December 2016. Structural liquidity: The money-industry nexus. Structural Change and Economic Dynamics, 39, pp. 46-53. ISSN 0954-349X

Economic interdependencies and political conflict: The political economy of taxation in eighteenth-century Britain
Cardinale, Ivano and Coffman, D. 2014. Economic interdependencies and political conflict: The political economy of taxation in eighteenth-century Britain. Economia Politica. Journal of Analytical and Institutional Economics, 31(3), pp. 277-300. ISSN 1120-2890