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Varieties of Capitalism
Peter A. Hall,David Soskice +1 more
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A number of schemas have been proposed to explain why countries have often been able to secure substantial rates of growth in different ways, often with relatively egalitarian distributions of income as discussed by the authors.Abstract:
Scholarship on varieties of capitalism (VofC) explores the ways in which the institutions structuring the political economy affect patterns of economic performance or policy making and the distribution of well-being. Contesting the claim that there is one best route to superior economic performance, a number of schemas have been proposed to explain why countries have often been able to secure substantial rates of growth in different ways, often with relatively egalitarian distributions of income. Prominent among them is a VofC analysis focused on the developed democracies that distinguishes liberal and coordinated market economies according to the ways in which firms coordinate their endeavors. On the basis of institutional complementarities among subspheres of the political economy, it suggests that the institutional structure of the political economy confers comparative institutional advantages, notably for radical and incremental innovation, which explains why economies have not converged in the context of globalization. Although this framework is contested, it has inspired new research on many subjects, including the basis for innovation, the determinants of social policy, the grounds for international negotiation, and the character of institutional change. In this issue area, there is promising terrain for further research into the origins of varieties of capitalism, the factors that drive institutional change in the political economy, how institutional arrangements in the subspheres of the political economy interact with one another, the normative underlay for capitalism, and the effects of varieties of capitalism on multiple dimensions of well-being.
Keywords:
capitalism;
political economy;
globalization;
politics;
institutional change;
economic growth;
macroeconomics;
innovation;
complementarities;
social policyread more
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Corporate Social Responsibility in Transnational Spaces: Exploring Influences of Varieties of Capitalism on Expressions of Corporate Codes of Conduct in Nigeria
Kenneth Amaeshi,Olufemi O. Amao +1 more
TL;DR: This paper explored the home country influences of multinational corporations (MNCs) on their corporate social responsibility (CSR) practices when they operate outside their national/regional institutional contexts, concluding that the corporate codes of conduct of these MNCs operating in Nigeria, to a large extent, reflect the characteristics of their home countries' model of capitalism, respectively, albeit with certain degree of modifications.
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The Scandinavian model—An interpretation
TL;DR: In this article, the authors combine models of collective wage bargaining, creative job destruction, and welfare spending to understand how this might be an economic and political equilibrium, and show how the political support of welfare spending is fueled by both a higher mean wage and a lower wage dispersion.
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The 'war for talent': The gatekeeper role of executive search firms in elite labour markets
TL;DR: In this paper, the authors argue that the current discourses and their description of "talent" and the challenge of finding it fail to do full justice to the complexities of contemporary elite labour markets and that more attention needs to be paid to how the geographies of elite labour are affected by both discourses that construct power relations and the role of geography as a resource that is empowering but also disempowering.
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The Domestic Politics of Banking Regulation
TL;DR: In this article, the authors argue that electoral rules have a significant effect on whether the banks or their consumers pay for the security of the banking system, and that despite the homogenizing effects of global financial integration, the political dynamics generated by these electoral rules continue to shape the nature and extent of prudential regulations that countries adopt in the place of banking cartels.
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Immigration and Preferences for Redistribution: An Empirical Analysis of European Survey Data
TL;DR: The authors explored the relationship between perceptions of immigration and preferences for redistribution, using survey data from the European Social Survey and found that anti-solidarity effects should be stronger in countries classified within the Social Democratic welfare state regime type.
References
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Posted Content
The Diversity of Modern Capitalism
TL;DR: In this article, the authors consider why institutional forms of modern capitalist economies differ internationally, and propose a typology of capitalism based on the theory of institutional complementarity, which is the outcome of socio-political compromises.
Book Chapter
Social protection and the formation of skills: a reinterpretation of the welfare state
TL;DR: The authors argue that workers will only make such risky investments when they have some insurance that their job or income is secure, otherwise, they will invest in general, and therefore portable, skills.
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Varieties of Capitalism and Institutional Complementarities in the Political Economy: An Empirical Analysis
TL;DR: This paper provided a statistical analysis of core contentions of the "varieties of capitalism" perspective on comparative capitalism and constructed indices to assess whether patterns of co-ordination in the OECD economies conform to the predictions of the theory and compared the correspondence of institutions across subspheres of the political economy.
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An Asset Theory of Social Policy Preferences
Torben Iversen,David Soskice +1 more
TL;DR: The authors argue that individuals who have made risky investments in skills will demand insurance against the possible future loss of income from those investments, and they test the theory on public opinion data for eleven advanced democracies and suggest how differences in educational systems can explain cross-national differences in the level of social protection.
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Setting the Rules of the Game: The Choice of Electoral Systems in Advanced Democracies
TL;DR: In this paper, the authors show that the existing wide variation in electoral rules across nations can be traced to the strategic decisions that the current ruling parties, anticipating the coordinating consequences of different electoral regimes, make to maximize their representation according to the following conditions.