By focusing on some major contributions to political economy and economic policy-making within advanced capitalism, among the richest subfields of the discipline, the article seeks to analyze the relation between structural constraints and political choice. With the partial exception of Politics against Markets, all the works reviewed here seek to interpret rather than change the world. Attending to the fine grain of historical detail, they insightfully describe important political developments. They provide fine accounts of the interplay of structure and agency in concrete historical settings. By developing impressive theory to illuminate these developments, the works considerably advance our knowledge of the way that political forces affect economic policy outcomes. However, they generally share three important and interrelated shortcomings: they do not adequately conceptualize the structural dynamics of democratic capitalism; they adopt an economistic perspective concerning the organization of interests and social identities; and they confine attention to what is and fail to consider what might be.