Varieties of capitalism : the institutional foundations ofcomparative advantage

We examine some issues in the estimation of time-series cross-section models, calling into question the conclusions of many published studies, particularly in the field of comparative political economy. We show that the generalized least squares approach of Parks produces standard errors that lead to extreme overconfidence, often underestimating variability by 50% or more. We also provide an alternative estimator of the standard errors that is correct when the error structures show complications found in this type of model. Monte Carlo analysis shows that these “panel-corrected standard errors” perform well. The utility of our approach is demonstrated via a reanalysis of one “social democratic corporatist” model.

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What to do (and not to do) with time-series cross-section data

Erik Eriksen is a remarkable individual. He has no college degrees yet is Professor of Human Development at Harvard University. He came to psychology via art, which explains why the reader will find him painting contexts and backgrounds rather than stating dull facts and concepts. He has been a training psychoanalyst for many years as well as a perceptive observer of cultural and social settings and their effect on growing up. This is not just a book on childhood. It is a panorama of our society. Anxiety in young children, apathy in American Indians, confusion in veterans of war, and arrogance in young Nazis are scrutinized under the psychoanalytic magnifying glass. The material is well written and devoid of technical jargon. The theme of the volume is that it is human to have a long childhood which will leave a lifelong residue of emotional immaturity in man. Primitive groups and

Childhood and Society.

Trust: The Social Virtues and the Creation of Prosperity

The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s "veil of ignorance": individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of microeconomics. A good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan’s economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker’s Rule. Very simply, the banks, whose lending determined deposits after Roosevelt, and were a public service became private enterprises whose deposits determine lending. These underlay the great moderation preceding 2006, and the subsequent crash.

The Economic Institutions of Capitalism

The financial crisis seemed to present a fundamental challenge to neo-liberalism, the body of ideas that have constituted the political orthodoxy of most advanced economies in recent decades. Colin Crouch argues in this book that it will shrug off this challenge. The reason is that while neo-liberalism seems to be about free markets, in practice it is concerned with the dominance over public life of the giant corporation. This has been intensified, not checked, by the recent financial crisis and acceptance that certain financial corporations are 'too big to fail'. Although much political debate remains preoccupied with conflicts between the market and the state, the impact of the corporation on both these is today far more important. -- Back cover.

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The Strange Non-Death of Neoliberalism

1. Neo-Institutional Analysis and Comparative Capitalism 2. Typologies of Capitalism 3. Wahlverwandschaft, Complementarity, and the Theoretical Utlitity of Institutional Untidiness 4. Innovation and Path Dependence 5. A Strategy for the Analysis of Institutional Governance and innovation 6. Recombinant Governance Mechanisms: Cases 7. Conclusions: A Reformed Neo-institutionalist Research Programme

Capitalist Diversity and Change: Recombinant Governance and Institutional Entrepreneurs

Industrial Relations and European State Traditions

There have now been two successive policy regimes since the Second World War that have temporarily succeeded in reconciling the uncertainties and instabilities of a capitalist economy with democracy's need for stability for people's lives and capitalism's own need for confident mass consumers. The first of these was the system of public demand management generally known as Keynesianism. The second was not, as has often been thought, a neo-liberal turn to pure markets, but a system of markets alongside extensive housing and other debt among low- and medium-income people linked to unregulated derivatives markets. It was a form of privatised Keynesianism. This combination reconciled capitalism's problem, but in a way that eventually proved unsustainable. After its collapse there is debate over what will succeed it. Most likely is an attempt to re-create it on a basis of corporate social responsibility.

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Privatised Keynesianism: An Unacknowledged Policy Regime

Modern capitalism, from neo-liberalism to deregulation, has come to dominate national and international political economy. This major book addresses this convergence and provides a comprehensive overview of the implications for future capitalist diversity. Leading international contributors consider important questions. Is the preference for free markets a well-founded response to intensified global competition? Does this mean that all advanced societies must converge on an imitation of the United States? What are the implications for the institutional diversity of the advanced economies? How do we now evaluate the systems and institutions in East Asia? Political Economy and Modern Capitalism provides a practical and wide-ranging analysis of the public policy choices facing governments and business around the world. It will be invaluable reading for students and researchers of political economy, comparative politics, political science, political sociology, public policy, and administration.

Colin Crouch

Papers

The Strange Non-Death of Neoliberalism

Capitalist Diversity and Change: Recombinant Governance and Institutional Entrepreneurs

Industrial Relations and European State Traditions

Privatised Keynesianism: An Unacknowledged Policy Regime

Political Economy of Modern Capitalism: Mapping Convergence and Diversity