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This book is available in Oxford Scholarship Online - view abstracts and keywords at book and chapter level.

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Economic Systems & Structures

The Diversity of Modern Capitalism

Bruno Amable

326 pages | Figures and tables | 234x156mm

978-0-19-926114-7 | Paperback | 04 December 2003

Also available as: Hardback

Price: £35.00

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Examines different models of capitalism.
Presents a characterization of five different capitalist models.
Includes studies of Anglo-American economies, Asian economies, and an extended treatment of Continental European economies.
Interdisciplinary and comparative in approach.

This book considers why institutional forms of modern capitalist economies differ internationally, and proposes a typology of capitalism based on the theory of institutional complementarity.

Different economic models are not simply characterized by different institutional forms, but also by particular patterns 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 - from America to Korea - 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 1990s: 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 caat political strategies promoting institutional change aiming at convergence with the Anglo-Saxon model are bound to meet considerable opposition.

Readership: Academics, researchers and graduate students in political economy, economics, comparative management, innovation studies, and policy-makers involved in economic planning and regulation.

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The Diversity of Modern Capitalism

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