The State of the Art and Challenges for Heterodox Economics

This second edition of The Routledge Handbook of Heterodox Economics (hereafter Handbook) is a collection of essays in two volumes written by heterodox economists representing a wide range of theoretical traditions.1 The Handbook has been updated and expanded from its first edition published in 2017, which we considered to be a project of stocktaking past and current developments in heterodox economics for the purpose of ‘analyzing, theorizing, and transforming capitalism.’ We are pleased with the responses to the Handbook’s first edition. Its positive impact on heterodox economics scholarship is evidenced by numerous mentions and citations as well as supportive reviews by fellow heterodox economists. The need for the second edition is, however, evident. Rapid changes in social, economic, political, and ecological environments in recent years, such as the climate crisis, the COVID- 19 pandemic, high inflation, and ever- increasing inequalities, as well as the development of heterodox economic thinking, warrant an updating of the explanations and arguments put forth in the first edition. Moreover, there are some essential philosophical, methodological, theoretical, and policy issues included in this edition of the Handbook as they help advance understanding of heterodox economics and its relevance to the rapidly changing global capitalist system.