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Varieties of capitalism and responses to the Financial Crisis: the European social Model versus the US Model

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  • Pasquale Tridico

Abstract

The objective of this paper is to show how European Union (EU), which employs different varieties of capitalism, and US, which operates based on a competitive capitalist model, are coping with the current economic crisis. Although EU is fragmented and needs to work towards better and deeper integration among member states, the main features of the European Social Model (ESM) allows for a more sustainable recovery and lessens the social costs. A new index was developed in this paper: the Synthetic Vulnerability Index; which shows that the US position is worse than the Eurozone position in terms of recovery from the current crisis and of exposure to further crises. Nevertheless, current financial reforms, both in the US and EU seem to be insufficient and the recent fiscal austerity measures seem to be moving the economies in the wrong direction

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Bibliographic Info

Paper provided by Department of Economics - University Roma Tre in its series Departmental Working Papers of Economics - University 'Roma Tre' with number 0129.

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Date of creation: May 2011
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Handle: RePEc:rtr:wpaper:0129

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Keywords: Financial crisis; Varieties of capitalism; EU social model;

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  1. Pasquale Tridico, 2007. "Institutions, Human Development and Economic Growth in Transition Economies," European Journal of Development Research, Taylor and Francis Journals, vol. 19(4), pages 569-593.
  2. Philip Arestis & Theodore Pelagidis, 2010. "Absurd Austerity Policies in Europe," Challenge, M.E. Sharpe, Inc., vol. 53(6), pages 54-61, November.
  3. James Tobin, 1978. "A Proposal for International Monetary Reform," Cowles Foundation Discussion Papers 506, Cowles Foundation for Research in Economics, Yale University.
  4. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147.
  5. Jian Yang & Insik Min & Qi Li, 2003. "European Stock Market Integration: Does EMU Matter?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(9-10), pages 1253-1276.
  6. Karl Whelan, 2010. "Global Imbalances and the Financial Crisis," Working Papers 201013, School Of Economics, University College Dublin.
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