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Introduction: Is the European Union Capable of Integrating Diverse Models of Capitalism?

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  • Alison Johnston
  • Aidan Regan

Abstract

The causes and consequences of the Euro crisis have led comparative political economy scholars to question whether European integration can accommodate diverse models of capitalism. This special issue addresses two important questions about the compatibility of diverse growth models within the European Union (EU): Are some growth regimes better suited to European integration than others? and does the EU favour a particular constellation of domestic institutions? Contributions within this special issue provide a qualified yes to these questions, concluding that the EU favours export-led growth models whilst it penalises and discourages domestic consumption-oriented growth paths, particularly those that are financed by debt accumulation. While recent comparative capitalism literature highlights that European monetary integration has favoured export-led growth regimes, contributions in this special issue outline that the EU’s prioritisation of export-led growth over domestic demand-led growth is present in other facets of integration, including EU accession, financial integration, the free movement of people, fiscal governance and the Europe 2020 growth strategy. Findings here provide important insights for both the European integration and comparative capitalism literature, highlighting that the unique economic ties being forged within the European project may be problematic for those countries outside northwestern Europe and for workers in low-wage domestic sectors.

Suggested Citation

  • Alison Johnston & Aidan Regan, 2018. "Introduction: Is the European Union Capable of Integrating Diverse Models of Capitalism?," New Political Economy, Taylor & Francis Journals, vol. 23(2), pages 145-159, March.
    • Handle: RePEc:taf:cnpexx:v:23:y:2018:i:2:p:145-159
    DOI: 10.1080/13563467.2017.1370442
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    Cited by:

    1. Reto Bürgisser & Donato Di Carlo, 2023. "Blessing or Curse? The Rise of Tourism‐Led Growth in Europe's Southern Periphery," Journal of Common Market Studies, Wiley Blackwell, vol. 61(1), pages 236-258, January.
    2. Karsten Kohler & Engelbert Stockhammer, 2022. "Growing differently? Financial cycles, austerity, and competitiveness in growth models since the Global Financial Crisis," Review of International Political Economy, Taylor & Francis Journals, vol. 29(4), pages 1314-1341, July.
    3. Marta Silva & João Carlos Lopes, 2020. "The structural adjustment of the Portuguese economy in the context of the economic reform of the Eurozone," Working Papers REM 2020/0143, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Nadia von Jacobi, 2021. "Comparing Institutional Textures between Germany and Italy with LAU level data," DEM Working Papers 2021/15, Department of Economics and Management.
    5. Ian Bruff, 2021. "The politics of comparing capitalisms," Environment and Planning A, , vol. 53(6), pages 1273-1292, September.
    6. Claudius Gräbner & Philipp Heimberger & Jakob Kapeller & Bernhard Schütz, 2020. "Structural change in times of increasing openness: assessing path dependency in European economic integration," Journal of Evolutionary Economics, Springer, vol. 30(5), pages 1467-1495, November.
    7. Élodie Béthoux & Roland Erne & Darragh Golden, 2018. "A Primordial Attachment to the Nation? French and Irish Workers and Trade Unions in Past EU Referendum Debates," British Journal of Industrial Relations, London School of Economics, vol. 56(3), pages 656-678, September.
    8. Yulia Loktionova & Artem Smirnov & Zeynab Giyasova & Larisa Kondratenko & Ilia Aksenov, 2023. "European Single Market: Evolution and Modern Challenges," Journal of Common Market Studies, Wiley Blackwell, vol. 61(1), pages 95-107, January.
    9. Bulfone, Fabio, 2020. "The political economy of industrial policy in the European Union," MPIfG Discussion Paper 20/12, Max Planck Institute for the Study of Societies.
    10. Scott Lavery & Davide Schmid, 2021. "European Integration and the New Global Disorder," Journal of Common Market Studies, Wiley Blackwell, vol. 59(5), pages 1322-1338, September.
    11. Izabela Horzela & Sławomir Gromadzki & Jarosław Gryz & Tomasz Kownacki & Aneta Nowakowska-Krystman & Marzena Piotrowska-Trybull & Radosław Wisniewski, 2021. "Energy Portfolio of the Eastern Poland Macroregion in the European Union," Energies, MDPI, vol. 14(24), pages 1-28, December.
    12. Nikolaos Antonakakis & Ioannis Chatziantoniou & David Gabauer, 2021. "The impact of Euro through time: Exchange rate dynamics under different regimes," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 1375-1408, January.
    13. Valerie J. D'Erman & Daniel F. Schulz & Amy Verdun & Dennis Zagermann, 2022. "The European Semester in the North and in the South: Domestic Politics and the Salience of EU‐Induced Wage Reform in Different Growth Models," Journal of Common Market Studies, Wiley Blackwell, vol. 60(1), pages 21-39, January.
    14. Jungmann, Benjamin, 2021. "Growth drivers in emerging capitalist economies before and after the Global Financial Crisis," IPE Working Papers 172/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    15. Benjamin Jungmann, 2023. "Growth drivers in emerging capitalist economies: building blocks for a post-Keynesian analysis and an empirical exploration of the years before and after the Global Financial Crisis," Review of Evolutionary Political Economy, Springer, vol. 4(2), pages 349-386, July.
    16. Baccaro, Lucio & Hadziabdic, Sinisa, 2022. "Operationalizing growth models," MPIfG Discussion Paper 22/6, Max Planck Institute for the Study of Societies.
    17. Gunther Tichy, 2020. "Integration unter Ungleichen. Länder- und schichtenspezifische Einstellungen zur EU und ihren Zielen," WIFO Working Papers 610, WIFO.
    18. Mathias Lund Larsen, 2023. "Bottom-up market-facilitation and top-down market-steering: comparing and conceptualizing green finance approaches in the EU and China," Asia Europe Journal, Springer, vol. 21(1), pages 61-80, March.

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