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The various European capitalism models: Convergence and growth in the 2014–2019 inter-crisis period

Author

Listed:
  • Éva Kuruczleki

    (Faculty of Economics and Business Administration, University of Szeged, Kálvária sgt. 1, Szeged, H-6722 Hungary)

  • András London

    (Department of Computational Optimization, Institute of Informatics, University of Szeged, Hungary
    Poznań University of Economics, Poland)

  • Anita Pelle

    (Faculty of Economics and Business Administration, University of Szeged, Kálvária sgt. 1, Szeged, H-6722 Hungary)

  • Marcell Zoltán Végh

    (Faculty of Economics and Business Administration, University of Szeged, Kálvária sgt. 1, Szeged, H-6722 Hungary)

Abstract

The Varieties of Capitalism (VoC) literature has recently manifested a dynamic development. Among others, the member states of the European Union (EU) have been studied extensively from this viewpoint, and main capitalism models have been identified. Yet, the global financial and economic crisis and its aftermath in Europe have impacted the member states' economies, typically in asymmetric ways and, in 2020, a highly diverse EU faced the COVID-19 induced economic crisis. Our study investigates the EU member states from a perspective different from the existing research on VoC in Europe: our starting point is the macroeconomic decomposition of GDP. Our findings draw up a categorisation somewhat different from the previous results: while the core of the EU is rather consistent and homogenous, clusters of the periphery do not fully coincide with geography and earlier typisations; there are also single outliers and ‘New tigers of Europe’ emerging. Nevertheless, the core-periphery divide still stands overall.

Suggested Citation

  • Éva Kuruczleki & András London & Anita Pelle & Marcell Zoltán Végh, 2022. "The various European capitalism models: Convergence and growth in the 2014–2019 inter-crisis period," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 72(4), pages 413-436, December.
    • Handle: RePEc:aka:aoecon:v:72:y:2022:i:4:p:413-436
    DOI: 10.1556/032.2022.00029
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    Keywords

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    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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