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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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Beyond the Economic Gaze: Childbearing During and After Recessions in the Nordic Countries
Chiara Ludovica Comolli,Gerda Neyer,Gunnar Andersson,Lars Dommermuth,Peter Fallesen,Marika Jalovaara,Ari Klængur Jónsson,Martin Kolk,Trude Lappegård +8 more
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Policy ideas, knowledge regimes and comparative political economy
TL;DR: In this paper, the authors show that an important source of policy ideas are knowledge regimes, fields of policy research organizations, and that the organization of knowledge regimes is heavily influenced by their surrounding political economies such that knowledge regimes have particular national characters.
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Framing comparisons: Gendering perspectives on cross-national comparative research on work and welfare
TL;DR: In this paper, a range of analytical frameworks used in cross-national comparative employment and welfare state research are reviewed, including the societal effect, varieties of capitalism, welfare state regimes and benchmarking approaches.
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The Greek Paradox of Falling Competitiveness and Weak Institutions in a High GDP Growth Rate Context (1995-2008)
TL;DR: In this article, it is argued that the previously favourable global economic environment acted as a locomotive to domestic growth, whereas now that it is gone, structural problems of poor governance, low competitiveness, and a ballooning public deficit and debt have come to the surface.
References
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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.
Journal ArticleDOI
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.
Journal ArticleDOI
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.
Journal ArticleDOI
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.