Hostname: page-component-cd9895bd7-8ctnn Total loading time: 0 Render date: 2024-12-28T02:21:24.249Z Has data issue: false hasContentIssue false
  • English
  • Français

Global Varieties of Capitalism

Review products

DorotheeBohle and BélaGreskovits. 2012. Capitalist Diversity on Europe’s Periphery. Ithaca, N.Y.: Cornell University Press, 287 pp.
BenRoss Schneider. 2013. Hierarchical Capitalism in Latin America: Business, Labor, and the Challenges of Equitable Development. New York, N.Y.: Cambridge University Press, 237 pp.
AndrewWalter and XiaokeZhang, eds. 2012. East Asian Capitalism: Diversity, Continuity, and Change. Oxford, UK: Oxford University Press, 331 pp.

Published online by Cambridge University Press:  24 December 2018

Magnus Feldmann
Magnus Feldmann*
Affiliation:
University of Bristol in the United Kingdom, email: [email protected]
Get access

Abstract

This article analyzes the prospects for globalizing the varieties of capitalism (voc) debate. It identifies and compares firm-centered, governance-centered, and state-centered approaches to extending the debate on capitalist diversity, and discusses the distinctive contributions of each approach as well as the trade-offs between them. The author draws on three agenda-setting volumes that engage with the voc framework and study capitalist diversity in three regions not usually covered by this literature: Latin America, East and Southeast Asia, and East Central Europe. As these regions play an increasingly important role in the world economy, this article examines what the books imply about the current state of knowledge about global voc. The author argues that the extension of the voc debate to these parts of the world is important for advancing the understanding of economic institutions; the approach can reinvigorate research on capitalist diversity and the institutional foundations of economic development in the current era of globalization.

Keywords

East AsiaEastern Europeglobal capitalisminstitutional analysisLatin Americamarket institutionspolitical economy of developmentvarieties of capitalism
Type
Review Article
Information
World Politics , Volume 71 , Issue 1 , January 2019 , pp. 162 - 196
Copyright
Copyright © Trustees of Princeton University 2018 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Albert, Michel. 1993. Capitalism against Capitalism. London, UK: John Wiley.Google Scholar
Amable, Bruno. 2003. The Diversity of Modern Capitalism. New York, N.Y.: Oxford University Press.CrossRefGoogle Scholar
Armijo, Leslie Elliott, and Faucher, Philippe. 2002. “‘We Have a Consensus’: Explaining Political Support for Market Reforms in Latin America.” Latin American Politics and Society 44, no. 2: 1–40. doi: 10.1111/j.1548-2456.2002.tb00204.x.Google Scholar
Ban, Cornel. 2013. “Brazil’s Liberal Neo-Developmentalism: New Paradigm or Edited Orthodoxy?” Review of International Political Economy 20, no. 2: 298–331. doi: 10.1080/09692290.2012.660183.CrossRefGoogle Scholar
Bandelj, Nina. 2016. “On Post-Socialist Capitalism.” Theory and Society 45, no. 1: 89–106. doi: 10.1007/s11186-016-9265-z.CrossRefGoogle Scholar
Becker, Uwe. 2007. “Open Systemness and Contested Reference Frames and Change: A Reformulation of the Varieties of Capitalism Theory.” Socio-Economic Review 5, no. 2: 261–86. doi: 10.1093/ser/mwl025.CrossRefGoogle Scholar
Bertrand, Marianne, Johnson, Simon, Samphantharak, Krislert, and Schoar, Antoinette. 2008. “Mixing Family with Business: A Study of Thai Business Groups and the Families behind Them.” Journal of Financial Economics 88, no. 3: 466–98. doi: 10.1016/j.jfineco.2008.04.002.CrossRefGoogle Scholar
Bohle, Dorothee, and Greskovits, Béla. 2009. “Varieties of Capitalism and Capitalism ‘tout court.’” European Journal of Sociology 50, no. 3: 355–86. doi: 10.1017/S0003975609990178.CrossRefGoogle Scholar
Campbell, John, and Pedersen, Ove K.. 2007. “The Varieties of Capitalism and Hybrid Success: Denmark in the Global Economy.” Comparative Political Studies 40, no. 3: 307–32. doi: 10.1177/0010414006286542.CrossRefGoogle Scholar
Cardoso, Fernando Henrique, and Faletto, Enzo. 1979. Dependency and Development in Latin America. Berkeley, Calif.: University of California Press.Google Scholar
Carney, Richard W. 2016. “Varieties of Hierarchical Capitalism: Family and State Market Economies in East Asia.” Pacific Review 29, no. 2: 137–63. doi: 10.1080/09512748.2015.1020963.CrossRefGoogle Scholar
Carney, Michael, and Gedajlovic, Eric. 2002. “The Co-Evolution of Institutional Environments and Organizational Strategies: The Rise of Family Business Groups in the ASEAN Region.” Organization Studies 23, no. 1: 1–29. doi: 10.1177/0170840602231001.CrossRefGoogle Scholar
Coates, David. 2000. Models of Capitalism: Growth and Stagnation in the Modern Era. Cambridge, UK: Polity Press.Google Scholar
Crouch, Colin, Streeck, Wolfgang, Boyer, Robert, Amable, Bruno, Hall, Peter A., and Jackson, Gregory. 2005. “Dialogue on ‘Institutional Complementarity and Political Economy.’” Socio-Economic Review 3, no. 2: 359–82. doi: 10.1093/SER/mwi015.CrossRefGoogle Scholar
Crowley, Stephen, and Stanojević, Miroslav. 2011. “Varieties of Capitalism, Power Resources, and Historical Legacies: Explaining the Slovenian Exception.” Politics & Society 39, no. 2: 268–95. doi: 10.1177/0032329211405440.CrossRefGoogle Scholar
Culpepper, Pepper D. 2005. “Institutional Change in Contemporary Capitalism: Coordinated Financial Systems since 1990.” World Politics 57, no. 2 (January): 173–99. doi: 10.1353/wp.2005.0016.CrossRefGoogle Scholar
Culpepper, Pepper D. 2006. “Capitalism, Coordination and Economic Change: The French Political Economy since 1985.” In Culpepper, Pepper D., Hall, Peter A., and Palier, Bruno, eds., Changing France: The Politics that Markets Make. Basingstoke, UK: Palgrave Macmillan: 29–49.Google Scholar
Cusack, Thomas R., Iversen, Torben, and Soskice, David. 2007. “Economic Interests and the Origins of Electoral Systems.” American Political Science Review 101, no. 3: 373–91. doi: 410.1017/S0003055407070384.CrossRefGoogle Scholar
Doner, Richard F., and Schneider, Ben Ross. 2016. “The Middle-Income Trap: More Politics than Economics.” World Politics 68, no. 4 (October): 608–44. doi: 10.1017/S0043887116000095.CrossRefGoogle Scholar
Estévez-Abe, Margarita. 2008. Welfare and Capitalism in Postwar Japan. Cambridge, UK: Cambridge University Press.CrossRefGoogle Scholar
Evans, Peter. 1979. Dependent Development: The Alliance of Multinational, State, and Local Capital in Brazil. Princeton, N.J.: Princeton University Press.Google Scholar
Feldmann, Magnus. 2006. “Emerging Varieties of Capitalism in Transition Countries: Industrial Relations and Wage Bargaining in Estonia and Slovenia.” Comparative Political Studies 39, no. 7: 829–54. doi: 10.1177/0010414006288261.CrossRefGoogle Scholar
Feldmann, Magnus. 2014. “Coalitions and Corporatism: The Slovenian Political Economy and the Crisis.” Government and Opposition 49, no. 1: 70–91. doi: 10.1017/gov.2013.22.CrossRefGoogle Scholar
Fligstein, Neil, and Choo, Jennifer. 2005. “Law and Corporate Governance.” Annual Review of Law and Social Science 1: 61–84. doi: 10.1146/annurev.lawsocsci.1.041604.115944.CrossRefGoogle Scholar
Gereffi, Gary, and Evans, Peter. 1981. “Transnational Corporations, Dependent Development, and State Policy in the Semiperiphery: A Comparison of Brazil and Mexico.” Latin American Research Review 16, no. 3: 31–64. At www.jstor.org/stable/2502914, accessed on August 4, 2018.Google Scholar
Goldthorpe, John H. 1984. Order and Conflict in Contemporary Capitalism. Oxford, UK: Clarendon Press.Google Scholar
Haggard, Stephan, and Kaufman, Robert E.. 2008. Development, Democracy, and Welfare States: Latin America, East Asia, and Eastern Europe. Princeton, N.J.: Princeton University Press.Google Scholar
Hall, Peter A., and Gingerich, Daniel W.. 2009. “Varieties of Capitalism and Institutional Complementarities in the Political Economy: An Empirical Analysis.” British Journal of Political Science 39, no. 3: 449–82. doi: 10.1017/S0007123409000672.CrossRefGoogle Scholar
Hall, Peter A., and Soskice, David, eds. 2001a. Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. New York, N.Y.: Oxford University Press.CrossRefGoogle Scholar
Hall, Peter A., and Soskice, David. 2001b. “An Introduction to Varieties of Capitalism.” In Hall, Peter A. and Soskice, David, eds., Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. New York, N.Y.: Oxford University Press: 1–68.CrossRefGoogle Scholar
Hall, Peter A., and Thelen, Kathleen. 2009. “Institutional Change in Varieties of Capitalism.” Socioeconomic Review 7, no. 1: 7–34. doi: 10.1093/ser/mwn020.CrossRefGoogle Scholar
Hancké, Bob, Rhodes, Martin, and Thatcher, Mark. 2007. “Introduction: Beyond Varieties of Capitalism.” In Hancké, Bob, Rhodes, Martin, and Thatcher, Mark, eds., Beyond Varieties of Capitalism: Conflict, Contradictions and Complementarities in the European Economy. New York, N.Y.: Oxford University Press: 3–38.CrossRefGoogle Scholar
Hausmann, Ricardo, Rodrik, Dani, and Velasco, Andrés. 2008. “Growth Diagnostics.” In Serra, Narcís and Stiglitz, Joseph E., eds., The Washington Consensus Reconsidered: Towards a New Global Governance. Oxford, UK: Oxford University Press: 324–55.CrossRefGoogle Scholar
Hayami, Yujiro. 2003. “From the Washington Consensus to the Post-Washington Consensus: Retrospect and Prospect.” Asian Development Review 20, no. 2: 40–65.Google Scholar
Heller, Patrick, Rueschemeyer, Dietrich, and Snyder, Richard. 2009. “Dependency and Development in a Globalized World: Looking Back and Forward.” Studies in Comparative International Development 44, no. 4: 287–95. doi: 10.1007/s12116-009-9055-y.CrossRefGoogle Scholar
Hertog, Steffen. 2016. Is There an Arab Variety of Capitalism? Working Papers 1068. Dokki/Giza, Egypt: Economic Research Forum.Google Scholar
Hirschman, Albert O. 1968. “The Political Economy of Import-Substituting Industrialization in Latin America.” Quarterly Journal of Economics 82, no. 1: 1–32. doi: 10.2307/1882243.CrossRefGoogle Scholar
Hochstetler, Kathryn, and Montero, Alfred P.. 2013. “The Renewed Developmental State: The National Development Bank and the Brazil Model.” Journal of Development Studies 49, no. 11: 1484–99. doi: 10.1080/00220388.2013.807503.CrossRefGoogle Scholar
Hollingsworth, J. Rogers, and Boyer, Robert, eds. 1997. Contemporary Capitalism: The Embeddedness of Institutions. Cambridge, UK: Cambridge University Press.CrossRefGoogle Scholar
Howell, Chris. 2003. “Review: Varieties of Capitalism: And Then There Was One?” Comparative Politics 36, no. 1: 103–24. doi: 10.2307/4150162.CrossRefGoogle Scholar
Huber, Evelyne, ed. 2002. Models of Capitalism: Lessons for Latin America. University Park, Pa.: Penn State University Press.Google Scholar
Jacoby, Wade, and Korkut, Umut. 2016. “Vulnerability and Economic Re-orientation: Rhetoric and in Reality in Hungary’s ‘Chinese Opening.’” East European Politics and Societies 30, no. 3: 496–518. doi: 10.1177/0888325415604355.CrossRefGoogle Scholar
Jessop, Bob. 2011. “Rethinking the Diversity and Variability of Capitalism: On Variegated Capitalism in the World Market.” In Lane, Christel and Wood, Geoffrey T., eds., Capitalist Diversity and Diversity within Capitalism. Oxon, UK: Routledge: 233–61.Google Scholar
Johnson, Chalmers. 1982. MITI and the Japanese Miracle: The Growth of Industrial Policy, 1925–1975. Stanford, Calif.: Stanford University Press.Google Scholar
King, Gary, Keohane, Robert O., and Verba, Sidney. 1994. Designing Social Inquiry: Scientific Inference in Qualitative Research. Princeton, N.J.: Princeton Uni-versity Press.Google Scholar
King, Lawrence P., and Szelényi, Iván. 2005. “Post-Communist Economic Systems.” Smelser, Neil J. and Swedberg, Richard, eds., Handbook of Economic Sociology, 2nd ed. Princeton, N.J.: Princeton University Press: 205–29.Google Scholar
Kingstone, Peter. 2011. The Political Economy of Latin America: Reflections on Neoliberalism and Development. New York, N.Y.: Routledge.CrossRefGoogle Scholar
Kohli, Atul. 2004. State-Directed Development: Political Power and Industrialization in the Global Periphery. Cambridge, UK: Cambridge University Press.CrossRefGoogle Scholar
Krueger, Anne O. 1990. “Government Failures in Development.” Journal of Economic Perspectives 4, no. 3: 9–23. doi: 10.1257/jep.4.3.9.CrossRefGoogle Scholar
Kurlantzick, Joshua. 2016. State Capitalism: How the Return of Statism is Transforming the World. New York, N.Y.: Oxford University Press.Google Scholar
Lijphart, Arend. 1999. Patterns of Democracy. New Haven, Conn.: Yale University Press.Google Scholar
Linz, Juan J. 2000. Authoritarian and Totalitarian Regimes. Boulder, Colo.: Lynne Rienner Publishers.Google Scholar
Little, Ian, Scitovsky, Tibor, and Scott, Maurice. 1970. Industry and Trade in Some Developing Countries. Oxford, UK: Oxford University Press.Google Scholar
Mahoney, James, and Thelen, Kathleen. 2010. “A Theory of Gradual Institutional Change.” In Mahoney, James and Thelen, Kathleen, eds., Explaining Institutional Change: Ambiguity, Agency, and Power. New York, N.Y.: Cambridge University Press: 1–37.Google Scholar
Markus, Stanislav, and Mendelski, Martin. 2015. “Institutional Complementarity, Economic Performance, and Governance in the Post-Communist World.” Comparative European Politics 13, no. 3: 376–404. doi: 10.1057/cep.2013.26.CrossRefGoogle Scholar
Minns, John. 2001. “Of Miracles and Models: The Rise and Decline of the Developmental State in South Korea.” Third World Quarterly 22, no. 6: 1025–43. doi: 10.1080/01436590120099777.CrossRefGoogle Scholar
Morgan, Glenn. 2007. “National Business Systems Research: Progress and Prospects.” Scandinavian Journal of Management 23, no. 2: 127–45. doi: 10.1016/j.scaman.2007.02.008.CrossRefGoogle Scholar
Morgan, Glenn, and Whitley, Richard, eds. 2012. Capitalisms and Capitalism in the Twenty-First Century. Oxford, UK: Oxford University Press.CrossRefGoogle Scholar
Musacchio, Aldo, and Lazzarini, Sergio G.. 2016. “The Reinvention of State Capitalism in Brazil, 1970–2012.” In Schneider, Ben Ross, ed., New Order and Progress: Development and Democracy in Brazil. New York, N.Y.: Oxford University Press: 107–33.CrossRefGoogle Scholar
Myant, Martin, and Drahokoupil, Jan. 2012. “International Integration, Varieties of Capitalism, and Resilience to Crisis in Transition Economies.” Europe-Asia Studies 64, no. 1: 1–33. doi: 10.1080/09668136.2012.635478.CrossRefGoogle Scholar
Nölke, Andreas, Brink, Tobias ten, Claar, Simone, and May, Christian. 2015. “Domestic Structures, Foreign Economic Policies, and Global Economic Order: Implications from the Rise of Large Emerging Economies.” European Journal of International Relations 21, no. 3: 538–67. doi: 10.1177/1354066114553682.CrossRefGoogle Scholar
Nölke, Andreas, and Vliegenthart, Arjan. 2009. “Enlarging the Varieties of Capitalism: The Emergence of Dependent Market Economies in East Central Europe.” World Politics 61, no. 4 (October): 670–702. doi: 10.1017/S0043887109990098.CrossRefGoogle Scholar
Nurkse, Ragnar. 1952. “Some International Aspects of the Problem of Economic Development.” American Economic Review 42, no. 2: 571–83. At https://www.jstor.org/stable/1910629, accessed on August 4, 2018.Google Scholar
Palier, Bruno, and Thelen, Kathleen. 2010. “Institutionalizing Dualism: Complementarities and Change in France and Germany.” Politics & Society 38, no. 1: 119–48. doi: 10.1177/0032329209357888.CrossRefGoogle Scholar
Perkins, Dwight H. 2013. East Asian Development: Foundations and Strategies. Cambridge, Mass.: Harvard University Press.CrossRefGoogle Scholar
Polanyi, Karl. 1944. The Great Transformation: The Political and Economic Origins of Our Time. Boston, Mass.: Beacon Press.Google Scholar
Pontusson, Jonas. 2005. “Varieties and Commonalities of Capitalism.” In Coates, David, ed., Varieties of Capitalism, Varieties of Approaches. Basingstoke, UK: Palgrave Macmillan: 163–88.CrossRefGoogle Scholar
Pontusson, Jonas, and Raess, Damian. 2012. “How (and Why) Is This Time Different? The Politics of Economic Crisis in Western Europe and the United States.” Annual Review of Political Science, 15: 13–33. doi: 10.1146/annurev-polisci-031710-100955.CrossRefGoogle Scholar
Rajan, Raghuram G., and Zingales, Luigi. 1998. “Which Capitalism? Lessons from the East Asian Crisis.” Journal of Applied Corporate Finance 11, no. 3: 40–48. doi: 10.1111/j.1745-6622.1998.tb00501.x.CrossRefGoogle Scholar
Remmer, Karen L. 2012. “The Rise of Leftist-Populist Governance in Latin America: The Roots of Electoral Change.” Comparative Political Studies 45, no. 8: 947–72. doi: 10.1177/0010414011428595.CrossRefGoogle Scholar
Rodrik, Dani, ed. 2003. In Search of Prosperity: Analytic Narratives on Economic Growth. Princeton, N.J.: Princeton University Press.CrossRefGoogle Scholar
Rosenstein-Rodan, P. N. 1943. “Problems of Industrialisation of Eastern and South-Eastern Europe.” Economic Journal 53, no. 210/211: 202–11. At https://www.jstor.org/stable/2226317, accessed on August 4, 2018.CrossRefGoogle Scholar
Schmidt, Vivien A. 2003. “French Capitalism Transformed, Yet Still a Third Variety of Capitalism.” Economy and Society 32, no. 4: 526–54. doi: 10.1080/0308514032000141693.CrossRefGoogle Scholar
Schmidt, Vivien A. 2009. “Putting the Political Back into Political Economy by Bringing the State Back in Yet Again.” World Politics 61, no. 3 (July): 516–46. doi: 10.1017/S0043887109000173.CrossRefGoogle Scholar
Schneider, Ben Ross. 1998. “Organized Business Politics in Democratic Brazil.” Journal of Interamerican Studies and World Affairs 39, no. 4: 95–127. doi: 10.2307/166425.CrossRefGoogle Scholar
Shonfield, Andrew. 1965. Modern Capitalism. Oxford, UK: Oxford University Press.Google Scholar
Soifer, Hillel David. 2012. “The Causal Logic of Critical Junctures.” Comparative Political Studies 45, no. 12: 1572–97. doi: 10.1177/0010414012463902.CrossRefGoogle Scholar
Song, Jiyeoun. 2014. Inequality in the Workplace: Labor Market Reform in Japan and Korea. Ithaca, N.Y.: Cornell University Press.Google Scholar
Stiglitz, Joseph E., and Yusuf, Shahid. 2001. Rethinking the East Asian Miracle. Washington, D.C.: World Bank and Oxford University Press.CrossRefGoogle Scholar
Streeck, Wolfgang. 2009. Re-Forming Capitalism: Institutional Change in the German Political Economy. Oxford, UK: Oxford University Press.Google Scholar
Streeck, Wolfgang. 2011. “Taking Capitalism Seriously: Towards an Institutionalist Approach to Contemporary Political Economy.” Socio-Economic Review 9, no. 1: 137–67. doi: 10.1093/ser/mwq028.CrossRefGoogle Scholar
Suehiro, Akira, and Wailerdsak, Natenapha. 2004. “Family Business in Thailand: Its Management, Governance, and Future Challenges.” ASEAN Economic Bulletin 21: 81–93.CrossRefGoogle Scholar
Swenson, Peter. 1989. Fair Shares: Unions, Pay, and Politics in Sweden and West Germany. Ithaca, N.Y.: Cornell University Press.Google Scholar
Szelényi, Iván. 2016. “Weber’s Theory of Domination and Post-Communist Capitalisms.” Theory and Society 45, no. 1: 1–24. doi: 10.1007/s11186-015-9263-6.CrossRefGoogle Scholar
Thelen, Kathleen. 2009. “Institutional Change in Advanced Political Economies.” British Journal of Industrial Relations 47, no. 3: 471–98. doi: 10.1111/j.1467-8543.2009.00746.x.CrossRefGoogle Scholar
Thorp, Rosemary. 1998. Progress, Poverty, and Exclusion: An Economic History of Latin America in the Twentieth Century. Washington, D.C.: Inter-American Development Bank.Google Scholar
Wallerstein, Immanuel. 2011. The Modern World System. Berkeley, Calif.: University of California Press.Google Scholar
Walter, Andrew. 2011. Global Economic Governance after the Crisis: The G2, the G20, and Global Imbalances. Working Papers 452. Seoul, Korea: Bank of Korea. At https://www.bok.or.kr/viewer/skin/doc.html?fn=FILE_201803300852586301.PDF&rs=/webview/result/B0000198/201101, accessed on September 5, 2018.Google Scholar
Whitley, Richard. 1999. Divergent Capitalism: The Social Structuring and Change of Business Systems. Oxford, UK: Oxford University Press.Google Scholar
Williamson, Oliver. 2000. “The New Institutional Economics: Taking Stock, Looking Ahead.” Journal of Economic Literature 38, no. 3: 595–613. doi: 10.1257/jel.38.3.595.CrossRefGoogle Scholar
Woo-Cumings, Meredith, ed. 1999. The Developmental State. Ithaca, N.Y.: Cornell University Press.Google Scholar
Zhang, Xiaoke, and Whitley, Richard. 2013. “Changing Macro-Structural Varieties of East Asian Capitalism.” Socio-Economic Review 11, no. 2: 301–36. doi: 10.1093/ser/mws029.CrossRefGoogle Scholar