Purpose – The purpose of this article is to show the impact of the economic system (economic model) on the rate of economic growth and its fluctuations. Research method – Various research methods were used, including: descriptive analysis, comparative analysis of the economic systems and the analysis of statistical data on economic growth in 12 countries. The quantitative analysis was based on the latest available statistical data from the Eurostat and the World Bank database. Results – The economic growth rate and its fluctuations vary across countries. However, some of them are very similar. Most often these are the countries with a similar economic system. The countries that represent the Mediterranean model and the social market economy model are the most similar. We can also speak of a certain similarity in the case of countries belonging to the neoliberal model, and its lack in the welfare state model. Countries representing the Mediterranean model cope with economic growth and its stability in the worst way. On the other hand, the stability of economic growth and good coping with cyclicality are characteristic of the countries implementing the social market economy model. Originality /value – This article deals with issues that are rarely discussed in the literature. So, to some extent, it completes the existing research gap.
REPRODUCTION OF HUMAN CAPITAL
