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This book combines two strands of international political economy; examining how capitalism and democracy shape and are shaped by each other. Although until now considered separately, this path-breaking book proposes an innovative view of a political-economic system that inextricably links the model of capitalism to the type of democracy, where continuation is mutually reinforced. Advanced countries have achieved post-war affluence by adopting one of two contrasting models of capitalism; liberal market economies or coordinated market economies, and two opposing types of democracies: consensus or majoritarian democracies. Expert contributors in the field consider the question of whether and how globalization is transforming the post-war political–economic systems of advanced countries such as Britain, France, Germany, Italy and Japan, as well as the question of how it is shaping democracy and capitalism combinations in former socialist countries in Eastern Europe and the new "capitalist" China. The book examines various topics, including party system change, a political dilemma of the established party, and corporate governance reforms, to posit an original an innovative theory of international political economy. Variety of Capitalism, Types of Democracy and Globalization will be of interest to students and scholars of comparative politics, political economy and globalization.
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.
Globalization has reconfigured both the external institutional framework and the intrinsic operating mechanisms of capitalism. The global triumph of capitalism implies the embracing of the market by the state in all its variants, and that global capitalism is not confined to the shell of nation-state democracy. Guoguang Wu provides a theoretical framework of global capitalism for specialists in political economy, political science, economics and international relations, for graduate and undergraduate courses on globalization, capitalism, development and democracy, as well as for the public who are interested in globalization. Wu examines the new institutional features of global capitalism and how they reframe movements of capital, labor and consumption. He explores how globalization has created a chain of connection in which capital depends on effective authoritarianism, while democracy depends on capital. Ultimately, he argues that the emerging state-market nexus has fundamentally shaken the existing institutional systems, harming democracy in the process.
What are the most fundamental differences among the political economies of the developed world? How do national institutional differences condition economic performance, public policy, and social well-being? Will they survive the pressures for convergence generated by globalization and technological change? These have long been central questions in comparative political economy. This book provides a new and coherent set of answers to them. Building on the new economics of organization, the authors develop an important new theory about which differences among national political economies are most significant for economic policy and performance. Drawing on a distinction between 'liberal' and 'coordinated' market economies, they argue that there is more than one path to economic success. Nations need not converge to a single Anglo-American model. They develop a new theory of 'comparative institutional advantage' that transforms our understanding of international trade, offersnew explanations for the response of firms and nations to the challenges of globalization, and provides a new theory of national interest to explain the conduct of nations in international relations. The analysis brings the firm back into the centre of comparative political economy. It provides new perspectives on economic and social policy-making that illuminate the role of business in the development of the welfare state and the dilemmas facing those who make economic policy in the contemporary world. Emphasizing the 'institutional complementarities' that link labour relations, corporate finance, and national legal systems, the authors bring interdisciplinary perspectives to bear on issues of strategic management, economic performance, and institutional change. This pathbreaking work sets new agendas in the study of comparative political economy. As such, it will be of value to academics and graduate students in economics, business, and political science, as well as to manyothers with interests in international relations, social policy-making, and the law.
This book critically analyzes the current historical conjuncture of neoliberal capitalism with an eye to its emergent alternatives. Can democracy and capitalism thrive together? Is socialism a viable and a desirable alternative? What are the forms of emancipatory action and critical thought that can effectively chart a way forward? Focusing on nine “critical debates” it provides a uniquely comprehensive overview of the tensions, contradictions, and latent emancipatory potential of contemporary global capitalism. The specific debates are as follows: capitalism’s relationship with democracy; privatization and governance of the commons; the financialization of capitalism; technology and the future of work; varieties of neoliberal capitalism; cosmopolitanism, international development, and human rights; feminist theory and social solidarity; sustainability and climate change; and theories of capitalist crisis.
The most current text of its kind, The Evolution of Economic Systems: Varieties of Capitalism in the Global Economy explores the effects of politics and culture on the nature of national economic systems. Author Barry Clark distills recent academic work in such areas as comparative political economy, varieties of capitalism, new and old institutional economics, new economic sociology, and social systems of production, presenting the material in a conversational manner that makes it accessible for undergraduate students.
ÔThis is a well-structured book on a complex question that has been relevant for centuries leading up to the actual crisis in the EU and the international financial markets. The book offers a rich picture of empirics, and discusses, explains and criticizes a number of classical theories in the field (Marx, Schumpeter, Polanyi), as well as modern theories (Greif, North et al., Acemoglu, Perez and others). The familiar topics of property rights, technological development and long waves are presented in an illuminating way, whereas a number of new topics including open and limited access societies, hyper globalization, and the European Union are viewed in a broad perspective of Òpolitical economyÓ and Òinstitutional economicsÓ. The limitations of neoclassical economics are well presented as are the benefits (and costs) of political economy.Õ Ð John Groenewegen, Delft University of Technology, the Netherlands ÔThis book is a very coherent and up-to-date work. It presents a clear and sophisticated view on the role of economic institutions and aspects of political economy in the process of modern economic growth. The author demonstrates significant originality in combining insights from different sub-fields to successfully understand economic growth and the distribution of income in the economy. It will be a rich source of ideas for anyone interested in how the modern world, and various countries and regions in particular, attained high levels of economic welfare.Õ Ð Sjak Smulders, Tilburg University, the Netherlands Capitalism is driven by technological revolutions, leading to alternating periods of regulation and deregulation in leading economies. Technologically backward countries face a different situation as they have to catch up with the leaders. Against this backdrop, Theo van de Klundert examines the relationship between capitalism and democracy, combining economic theory and historical description to analyse long-run economic development. Emphasis is placed on the interrelation between economic and political power, and a robust state-of-the-art overview of todayÕs political economy is presented. The author addresses two fundamental questions raised in the analysis of the relationship between capitalism and democracy. Firstly, he explores why capitalism in leading economies is characterized by alternating periods of regulation and deregulation, and secondly, whether developing countries can opt for different types of capitalism once the potential for catching up with developed countries has expired. The consequences of a shift in the balance of power in the global economy are also considered in detail. Broad in scope and employing various methodological approaches, this book will prove a fascinating read for academics, students and researchers in the fields of economics and heterodox economics.
The global financial crisis has uncovered disastrous gaps in the governance of capitalism. This timely book argues for encompassing and intelligent forms of political governance of capitalism to mitigate against the possibility of future global systemic risk. This path-breaking book highlights that systemic risks emerge from a globally operating financial industry that is not only disconnected from the real economy but also allowed to hide in 'shadow banking' practices. Governance based on national regimes fails to cover 'finance-led' global capitalism. The authors argue that the risk of systemic meltdown will reappear unless intelligent governance regimes are installed, combining legally binding rules and civil society pressures to restore the balance between risk-taking and accountability. They illustrate the goal is 'resilient' capitalism in which the rules of the game are set by politics and knowledge-based discourse. Political Governance of Capitalism will prove invaluable for graduate and post-graduate students interested in economy, political science, political economy, globalization, global governance, sociology, and financial sciences.
It is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism, in turn explaining rising inequality and mounting populism. This book, written by two of the world's leading political economists, argues this view is wrong: advanced democracies are resilient, and their enduring historical relationship with capitalism has been mutually beneficial. For all the chaos and upheaval over the past century--major wars, economic crises, massive social change, and technological revolutions--Torben Iversen and David Soskice show how democratic states continuously reinvent their economies through massive public investment in research and education, by imposing competitive product markets and cooperation in the workplace, and by securing macroeconomic discipline as the preconditions for innovation and the promotion of the advanced sectors of the economy. Critically, this investment has generated vast numbers of well-paying jobs for the middle classes and their children, focusing the aims of aspirational families, and in turn providing electoral support for parties. Gains at the top have also been shared with the middle (though not the bottom) through a large welfare state. Contrary to the prevailing wisdom on globalization, advanced capitalism is neither footloose nor unconstrained: it thrives under democracy precisely because it cannot subvert it. Populism, inequality, and poverty are indeed great scourges of our time, but these are failures of democracy and must be solved by democracy.
For the first time in history, the globe is dominated by one economic system. Capitalism prevails because it delivers prosperity and meets desires for autonomy. But it also is unstable and morally defective. Surveying the varieties and futures of capitalism, Branko Milanovic offers creative solutions to improve a system that isn’t going anywhere.