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The Diversity of Modern Capitalism (Hardcover)
Loot Price: R5,749
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The Diversity of Modern Capitalism (Hardcover)
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This book considers why institutional forms of modern capitalist
economies differ internationally and proposes a typology of
capitalism based on the theory of institutional complementarily.
Different economic models are not simply characterized by different
institutional forms, but also by particular pattern of interaction
between complementary institutions which are the core
characteristics of these models. Institutions are not just simply
devices which would be chosen by 'social engineers' in order to
perform a function as efficiently as possible; they are the outcome
of a political economy process. Therefore, institutional change
should be envisaged not as a move towards a hypothetical 'one best
way', but as a result of socio-political compromises. Based on a
theory of institutions and comparative capitalism, the book
proposes an analysis of the diversity of modern economies and
identifies five different models; the market-based Anglo-Saxon
model; Asian capitalism; the Continental European model; the social
democratic economies; and the Mediterranean model. Each of these
types of capitalism is characterized by specific institutional
complementarities. The question of the stability of the Continental
European model of capitalism has been open since the beginning of
the 1990's: inferior macroeconomic performance compared to
Anglo-Saxon economies, alleged unsustainability of its welfare
systems, too rigid markets, etc. The book examines the
institutional transformations that have taken place within
Continental European economies and analyses the political project
behind the attempts at transforming the Continental model. It
argues that Continental European economies will most likely stay
very different from the market-based economies, and that political
strategies promoting institutional change aiming at convergence
with nglo-Saxon model are bound to meet considerable opposition.
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