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E pluribus unum? Varieties and commonalities of capitalism

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  • Streeck, Wolfgang
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    Abstract

    The paper reviews the origins of the comparative study of capitalism and of the diverse approaches applied to it in contemporary political economy. It distinguishes four models accounting for differences in the institutional make-up of national capitalist economies, which it refers to as the social embeddedness, power resource, historicalinstitutionalist, and rationalist-functionalist model, respectively. Special attention is given to the rationalist-functionalist account of capitalist variety and its reception in the research literature. The paper concludes with remarks on the likely effect of the global financial crisis after 2007 on theories of political economy in general and of 'varieties of capitalism' in particular. It argues that in future the commonalities and interdependencies of national capitalisms deserve and are likely to receive more attention than their differences. -- Der Aufsatz beschreibt die Ursprünge der vergleichenden Kapitalismusforschung und deren unterschiedliche Ansätze in der gegenwärtigen politischen Ökonomie. Vier Modelle zur Erklärung der Unterschiede in der institutionellen Verfassung nationaler kapitalistischer Systeme, die als Einbettungs-, Machtressourcen-, historisch-institutionalistisches und rationalistisch-funktionalistisches Modell bezeichnet werden, werden miteinander verglichen. Besondere Aufmerksamkeit gilt dem rationalistisch-funktionalistischen Modell und seiner Rezeption in der Forschungsliteratur. Der Aufsatz schließt mit Bemerkungen zum wahrscheinlichen Einfluss der globalen Finanzkrise nach 2007 auf die Theoriebildung in der politischen Ökonomie und insbesondere die 'Varieties of Capitalism'-Debatte. Vermutet wird, dass in Zukunft die Gemeinsamkeiten und Interdependenzen zwischen den nationalen kapitalistischen Systemen mehr Aufmerksamkeit erfordern und erhalten werden als die Unterschiede.

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    Paper provided by Max Planck Institute for the Study of Societies in its series MPIfG Discussion Paper with number 10/12.

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    Date of creation: 2010
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    Handle: RePEc:zbw:mpifgd:1012

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    1. Rosemary Batt & Hiroatsu Nohara & Hyunji Kwon, 2010. "Employer Strategies and Wages in New Service Activities: A Comparison of Co-ordinated and Liberal Market Economies," British Journal of Industrial Relations, London School of Economics, vol. 48(2), pages 400-435, 06.
    2. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147, September.
    3. Taylor, Mark Zachary, 2004. "Empirical Evidence Against Varieties of Capitalism's Theory of Technological Innovation," International Organization, Cambridge University Press, vol. 58(03), pages 601-631, July.
    4. Beckert, Jens, 2007. "The Great Transformation of Embeddedness: Karl Polanyi and the New Economic Sociology," MPIfG Discussion Paper 07/1, Max Planck Institute for the Study of Societies.
    5. Hirschman, Albert O, 1982. "Rival Interpretations of Market Society: Civilizing, Destructive, or Feeble?," Journal of Economic Literature, American Economic Association, vol. 20(4), pages 1463-84, December.
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    Cited by:
    1. Giorgos Argitis & Stella Michopoulou, 2013. "Studies in Financial Systems No 4 Financialization and the Greek Financial System," FESSUD studies fstudy04, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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