scholarly journals Die Finanzialisierungslücke der Varieties of Capitalism

2013 ◽  
Vol 43 (172) ◽  
Author(s):  
Stefan Beck ◽  
Christoph Scherrer
Keyword(s):  
Varieties Of Capitalism ◽  
Market Economies ◽  
Coordinated Market Economies ◽  
Liberal Market Economies

While the Varieties of Capitalism (VoC) approach is strong on pointing out the complementarities among national modes of accumulation, it falls short on capturing the dynamics of finance. From a regulationist perspective, its simple dichotomy of bank based versus market based finance overlooks functional equivalences and thus overemphasizes differences. The market based systems are misrepresented; in reality they do not conform to the ideals of transparency and dispersed shareholding. According to VoC, financialization emanates from the liberal market economies. However, the export successes of the coordinated market economies brought about financialization in the market systems by eliminating some of their industries. Most importantly, the VoC focus on firms treats finance as a service to companiesand not as a profit driven sector on its own.

scholarly journals Varieties of Capitalism and Fiscal Stimulus, 2008–2010

2015 ◽  
Vol 5 (2) ◽  
pp. 56-69
Author(s):  
Nicholas Toloudis
Keyword(s):  
Multivariate Analysis ◽  
Fiscal Policy ◽  
Oecd Countries ◽  
Varieties Of Capitalism ◽  
Fiscal Stimulus ◽  
Fiscal Institutions ◽  
Market Economies ◽  
Coordinated Market Economies ◽  
Political Partisanship ◽  
Liberal Market Economies

AbstractThis paper tests the Varieties of Capitalism (VoC) framework to explain variation in fiscal stimulus measures across OECD countries in response to the 2008-2010 economic crisis. Following Soskice (2007), I argue that coordinated market economies are less flexible with fiscal policy than liberal market economies. Multivariate analysis across 23 OECD countries demonstrates that VoC is more powerful than three competing theories: fiscal institutions, which hypothesizes more stimulus in countries with less restrictive budgetary rules; debt credibility, which hypothesizes more stimulus in less indebted countries; and political partisanship, which hypothesizes more stimulus in countries governed by the left.

scholarly journals The Effect of Varieties of Capitalism on the Relationship of Institutional Gearing and Economic Growth

2020 ◽  
Vol 31 (3) ◽  
pp. 262-269 ◽  
Author(s):  
Marisol Borges ◽  
Edgar Juan Saucedo-Acosta ◽  
Jesús Diaz-Pedroza
Keyword(s):  
Economic Growth ◽  
Fixed Effects ◽  
Varieties Of Capitalism ◽  
Market Economies ◽  
Coordinated Market Economies ◽  
Liberal Market Economies ◽  
Main Determinants ◽  
Relationship Of ◽  
Determinants Of Economic Growth ◽  
The Relationship

The ways the firm solves coordination problems with the different stakeholders (or the varieties of capitalism of nations) affect economic performance. Institutional gearing is one of the main determinants of economic growth. Nevertheless, there are no studies that analyse the effect of varieties of capitalism on the relationship of institutional gearing and economic growth. The objective of the paper is to estimate the effect of the variety of capitalism on the relationship between the institutional gearing index and other macroeconomic control variables on the GDP per capita in a group of developed and developing countries. To do that 3 panel data models were estimated: one with fixed effects and two with random effects, for 31 countries for the period 2011-2015. We used 16 Coordinated Market Economies and Liberal Market Economies and 15 Hierarchical Market Economies. The results showed the varieties of capitalism affect the relationship between institutional gearing and economic growth. In the Coordinated Market Economies and Liberal Market Economies this effect is higher than in Hierarchical Market Economies. Governments of Hierarchical Market Economies should not only apply public policies to build functional institutions, but also encourage the positive complementarities among them.

Studying comparative capitalisms by going left and by going deeper

2014 ◽  
Vol 38 (1) ◽  
pp. 18-30 ◽  
Author(s):  
David Coates
Keyword(s):  
Theoretical Framework ◽  
Varieties Of Capitalism ◽  
Recent Attempt ◽  
Original Formulation ◽  
Market Economies ◽  
Coordinated Market Economies ◽  
Liberal Market Economies ◽  
Comparative Capitalisms

The article charts the continuing attempt to breathe fresh life into the original Hall and Soskice distinction between liberal market economies (LMEs) and coordinated market economies (CMEs). It surveys the critique of that original formulation from within the dominant ‘varieties of capitalism’ paradigm, and the recent attempt by Wolfgang Streeck to replace the LME-CME focus with a new institutionalist understanding of capitalism and its varieties. That move ‘to bring capitalism back in’ is welcome but inadequate, acting only as a beachhead out of which we now need to break, armed with a revitalised sense of the importance of Marxism as a theoretical framework with which to understand capitalist dynamics, capitalist institutional variations and capitalist contradictions.

Ordoliberalism and Neoliberalization: Governing through Order or Disorder

2019 ◽  
Vol 45 (7-8) ◽  
pp. 967-981 ◽  
Author(s):  
Bob Jessop
Keyword(s):  
Free Market ◽  
Varieties Of Capitalism ◽  
Regime Shifts ◽  
Market Economies ◽  
Strong State ◽  
Coordinated Market Economies ◽  
Conditions Of Possibility ◽  
Mode Of Regulation

Although both promote a free market and strong state, ordoliberalism is usefully contrasted with neoliberalization. Ordoliberals aim to achieve this goal by creating a juridico-political institutional fix that provides a stable framework for accumulation. Promoters of neoliberal regime shifts pursue it through strategies of destabilization that exploit resulting crises. Ordoliberalism governs through order, neoliberalization through disorder. Further, ordoliberalism corresponds more to an accumulation regime and mode of régulation-cum-governance based on a productivist concept of capital, reflecting the dominance of profit-producing capital in coordinated market economies. But it also has limited conditions of possibility and is relatively rare. In contrast, neoliberalization corresponds more to what Weber described as politically oriented capitalism, especially a finance-dominated accumulation regime, which is aligned with interest-bearing capital. It occurs in many more varieties of capitalism.

Varieties of Capitalism and the Limits of European Economic Integration

2011 ◽  
Vol 13 ◽  
pp. 415-434
Author(s):  
Jukka Snell
Keyword(s):  
European Union ◽  
Economic Integration ◽  
Varieties Of Capitalism ◽  
Lisbon Treaty ◽  
The European Union ◽  
European Economic ◽  
Market Economies ◽  
Coordinated Market Economies ◽  
Integration Project

AbstractThis chapter considers European economic integration from the perspective of varieties of capitalism. It notes the main threats that integration potentially entails both for liberal and coordinated market economies, and assesses the likelihood of damage to the different models, in particular following the Lisbon Treaty. It is argued descriptively that both types of capitalism can continue to coexist in the European Union, and normatively that it is vital that the integration project is managed in a way that does not fundamentally endanger them.

scholarly journals Industry evolution in Varieties of Capitalism: a comparison of the Danish and US wind turbine industries

2019 ◽  
Vol 28 (6) ◽  
pp. 1381-1403
Author(s):  
Max-Peter Menzel ◽  
Johannes Kammer
Keyword(s):  
Survival Analysis ◽  
Wind Turbine ◽  
Varieties Of Capitalism ◽  
Industry Evolution ◽  
Market Economies ◽  
Dominant Design ◽  
Institutional Differences ◽  
Liberal Market Economies

AbstractIn this study, we combine Klepper’s framework on the evolution of industries with the Varieties of Capitalism approach to argue that industry evolution is mediated by institutional differences. We expect that new industries will evolve with a stronger connection to established industries in coordinated marked economies than in liberal market economies. Our assumptions are supported by a survival analysis of USA and Danish wind turbine manufacturers from 1974 to 2014. Yet, the emergence of a dominant design biases the results.

scholarly journals The Same but Different: Regulating Zero Hours Work in Two Liberal Market Economies

2019 ◽  
Vol 38 (1) ◽  
pp. 3-15
Author(s):  
Lorraine Ryan ◽  
Juliet MacMahon ◽  
Michelle O’Sullivan ◽  
Thomas Turner ◽  
Jonathan Lavelle ◽  
...  
Keyword(s):  
European Union ◽  
United Kingdom ◽  
Competitive Advantage ◽  
Labour Market ◽  
The European Union ◽  
Market Economies ◽  
The United Kingdom ◽  
Coordinated Market Economies ◽  
Factors Influencing ◽  
Liberal Market Economies

AbstractThe rise in zero hours contracts in liberal market economies (LMEs) has recently received much attention with calls for regulation to protect workers. LMEs typically adopt flexible labour market policies that are less regulated than coordinated market economies (CMEs) as a competitive advantage. In this paper we examine nuanced differences in the nature and regulation of zero hours work in the United Kingdom (UK) and Ireland. With an increased diffusion of zero hours work in both countries, we examine the different responses taken by these similar LMEs to this contemporary employment issue. We examine whether, as expected in an LME context, there is weak regulation in both countries and the factors influencing this. We find subtle but important differences between regulations of zero hours contracts. We conclude by discussing the possible implications of the UK’s exit from the European Union (EU) (Brexit) for the regulation of precarious work.

Sign in / Sign up

Export Citation Format

Share Document