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The 2009 European sovereign debt crisis and the EU’s policy response to it have prompted scholars to re-think whether diverse national models of capitalism can thrive within the European Union (EU). Are some national economic systems better suited to adapt to European integration than others, and if so, why? Contributions within this volume provide a qualified yes to these questions raised, concluding that the EU favors export-led growth models while it penalizes and discourages domestic consumption-oriented growth paths, particularly those that are financed by debt-accumulation. The book questions whether the EU is capable of integrating these diverse capitalist regimes. This volume adds a comparative capitalism perspective to EU integration scholarship in order to demonstrate that ever-closer union is not capable of accommodating diversity in national economic institutions. Chapters in this volume provide an innovative framework for understanding what factors related to European integration impede the economic and political integration of diverse European market economies. While recent comparative capitalism literature highlights that European monetary integration has favored export-led growth regimes, contributions in this volume outline that the EU’s prioritization of export-led growth over domestic-demand led growth is present in other facets of integration, including EU accession, financial integration, the free movement of people, fiscal governance and the Europe 2020 growth strategy. The chapters in this book were originally published as a special issue of New Political Economy.
The 2009 European sovereign debt crisis and the EU’s policy response to it have prompted scholars to re-think whether diverse national models of capitalism can thrive within the European Union (EU). Are some national economic systems better suited to adapt to European integration than others, and if so, why? Contributions within this volume provide a qualified yes to these questions raised, concluding that the EU favors export-led growth models while it penalizes and discourages domestic consumption-oriented growth paths, particularly those that are financed by debt-accumulation. The book questions whether the EU is capable of integrating these diverse capitalist regimes. This volume adds a comparative capitalism perspective to EU integration scholarship in order to demonstrate that ever-closer union is not capable of accommodating diversity in national economic institutions. Chapters in this volume provide an innovative framework for understanding what factors related to European integration impede the economic and political integration of diverse European market economies. While recent comparative capitalism literature highlights that European monetary integration has favored export-led growth regimes, contributions in this volume outline that the EU’s prioritization of export-led growth over domestic-demand led growth is present in other facets of integration, including EU accession, financial integration, the free movement of people, fiscal governance and the Europe 2020 growth strategy. The chapters in this book were originally published as a special issue of New Political Economy.
Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
Winner of the UACES Best Book Prize 2020 The jury commented 'It is impossible to study or understand European integration without understanding Germany's role and place in this. This book is therefore a must-read'. This new textbook offers a path-breaking interpretation of the role of the European Union's most important member state: Germany. Analyzing Germany's domestic politics, European policy, relations with partners, and the resultant expressions of power within the EU, the text addresses such key questions as whether Germany is becoming Europe's hegemon, and if Berlin's European policy is being constrained by its internal politics. The authors – both leading scholars in the field – situate these questions in their historical context and bring the subject up to date by considering the centrality of Germany to the liberal order of the EU over the last turbulent decade in relation to events including the Eurozone crisis and the 2017 German federal election. This is the first comprehensive and accessible guide to a fascinating relationship that considers both the German impact on the EU and the EU's impact on Germany. This book is the ideal companion for undergraduate and postgraduate students who are studying the European Union or German Politics from the perspectives of disciplines as wide ranging as Politics, European Union Studies, Area Studies, Economics, Business and History. It is also an essential resource for all those studying or practicing EU policy-making and communication.
Mediterranean Capitalism Revisited brings together leading experts on the political economies of southern Europe—specifically Greece, Italy, Spain, and Portugal—to closely analyze and explain the primary socioeconomic and institutional features that define "Mediterranean capitalism" within the wider European context. These economies share a number of features, most notably their difficulties to provide viable answers to the challenge of globalization. By examining and comparing such components as welfare, education and innovation policies, cultural dimensions, and labor market regulation, Mediterranean Capitalism Revisited attends to both commonalities and divergences between the four countries, identifying the main reasons behind the poor performance of their economies and slow recovery from the Great Recession of 2007–2008. This volume also sheds light on the process of diversification among the four countries and addresses whether it did and still does make sense to speak of a uniquely Mediterranean model of capitalism. Contributors: Alexandre Afonso, Leiden University; Lucio Baccaro, Max Planck Institute for the Study of Societies; Rui Branco, NOVA University of Lisbon; Fabio Bulfone, Max Planck Institute for the Study of Societies; Giliberto Capano, University of Bologna; Sabrina Colombo, University of Milan; Lisa Dorigatti, University of Milan; Ana M. Guillén, University of Oviedo; Matteo Jessoula, University of Milan; Andrea Lippi, University of Florence; Manos Matsaganis, Polytechnic University of Milan; Oscar Molina, Autonomous University of Barcelona; Manuela Moschella, Scuola Normale Superiore; Sofia A. Pérez, Boston University; Gemma Scalise, University of Bergamo; Arianna Tassinari, Max Planck Institute for the Study of Societies.
This is a book about how 21st-century capitalism really works. Modern economics strips away social, historical, and political context from analysis of 'the economic', but the economy is far too important to leave exclusively to the economists. Comparative Political Economy (CPE) is a much broader, richer intellectual undertaking which 're-embeds' the analysis of the economic within the social and political realm. This is at the heart of how to think like a political economist. This text maps the terrain and evolution of CPE, providing the analytical tools to explore the many variants of capitalism, unearthing their roots in competing visions of the desirable distribution of the fruits of growth. Connecting CPE systematically to the subfield of International Political Economy (IPE), the book explains how these visions generate ongoing political struggles over how to regulate and manage capitalism. This is the perfect introduction to the field for all students of CPE and IPE. New to this Edition: - Fully revised and updated throughout to take into account the latest empirical and theoretical developments in this fast-moving field - A brand New chapter on the political economy of inequality, populism, Trump & Brexit - New expanded 'how to use this book' aimed at student readers - More coverage of the types of economies covered, to move from an exclusively Western focus to cover developing and emerging global economies
Drawing on detailed case studies of ten European countries, this volume argues that both strongly neocorporatist systems of political-economic governance and statist systems are capable of creating swift, comprehensive and thorough national re-regulations. This applies to Austria and France, but also Sweden, Denmark, Norway, Finland, Belgium, and Luxembourg. By contrast, countries with less strongly embedded neocorporatist structures, in which due to organizational deficiencies trade unions face difficulties blocking employer demands, create liberal response strategies, permitting a stratification of wage levels. Hence, both Germany and the Netherlands implemented liberal business-friendly re-regulations.
In this forward-thinking book, Rafał Riedel and Jakub Anusik explore the dynamics and determinants of one of the most salient issues facing contemporary Europe: differentiated integration. Going beyond static models of differentiated integration in Europe built on legal-institutional criteria, Riedel and Anusik capture the dynamism of the system by employing both a political economy perspective and the varieties of capitalism framework. This title contains one or more Open Access chapters.
However, this inheritance of economic and social institutions that was the solution until around 1973--when Europe had to switch from growth based on brute-force investment and the acquisition of known technologies to growth based on increased efficiency and innovation--then became the problem.
With the collapse of the Council for Mutual Economic Assistance in 1991, the Eastern European nations of the former socialist bloc had to figure out their newly capitalist future. Capitalism, they found, was not a single set of political-economic relations. Rather, they each had to decide what sort of capitalist nation to become. In Capitalist Diversity on Europe's Periphery, Dorothee Bohle and Béla Geskovits trace the form that capitalism took in each country, the assets and liabilities left behind by socialism, the transformational strategies embraced by political and technocratic elites, and the influence of transnational actors and institutions. They also evaluate the impact of three regional shocks: the recession of the early 1990s, the rolling global financial crisis that started in July 1997, and the political shocks that attended EU enlargement in 2004.Bohle and Greskovits show that the postsocialist states have established three basic variants of capitalist political economy: neoliberal, embedded neoliberal, and neocorporatist. The Baltic states followed a neoliberal prescription: low controls on capital, open markets, reduced provisions for social welfare. The larger states of central and eastern Europe (Poland, Hungary, and the Czech and Slovak republics) have used foreign investment to stimulate export industries but retained social welfare regimes and substantial government power to enforce industrial policy. Slovenia has proved to be an outlier, successfully mixing competitive industries and neocorporatist social inclusion. Bohle and Greskovits also describe the political contention over such arrangements in Romania, Bulgaria, and Croatia. A highly original and theoretically sophisticated typology of capitalism in postsocialist Europe, this book is unique in the breadth and depth of its conceptually coherent and empirically rich comparative analysis.