Varieties of capitalism and responses to the Financial Crisis: the European social Model versus the US Model
AbstractThe 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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Date of creation: May 2011
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Financial crisis; Varieties of capitalism; EU social model;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-12-13 (All new papers)
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