Varieties of capitalism, increasing income inequality and the sustainability of long-run growth
研究了美国新自由主义繁荣期（1990-2007）家庭债务积累的成因，发现不平等会刺激家庭借贷，既形成需求又导致金融脆弱性，仅靠分配改革无法实现金融可持续。
Abstract We model US household debt accumulation during the neoliberal boom (1990–2007) as a response to emulation effects and the decline of the social wage, which has ‘privatised’ an increasing share of the costs of providing for services such as health and education. The debt dynamics of the US economy are then studied under alternative assumptions about the configuration of distributional variables, which is shown to differ across varieties of capitalism that have ‘neoliberalised’ to different degrees. A key result is that distributional change alone will not make contemporary US capitalism financially sustainable due, in part, to the paradoxical nature of inequality as a spur to household borrowing, and hence a source of both demand-formation and financial fragility. Achieving sustainability requires, instead, more wide-ranging reform.