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How and why capitalisms differ

Listed author(s):
  • Robert Boyer

    (PSE - Paris-Jourdan Sciences Economiques - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC), CEPREMAP - Centre pour la recherche économique et ses applications)

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    The variety of capitalism school (VOC) and regulation theory (TR) are both analyses of the diversity of contemporary national economies. If VOC challenges the primacy of liberal market economies (LME) and stresses the existence of an alternative form, i.e. coordinated market economies (CME), TR starts from a long-term analysis of the transformation of capitalism in order to search for alternatives to the Fordist regime that emerged after the post-Second World War era. Both approaches make intensive use of international comparisons, challenge the role of market as the exclusive coordinating mechanism, and raise doubts about the existence of a 'one best way' for capitalism. Finally, they stress that globalization does deepen the competitive advantage associated with each institutional architecture. Nevertheless, their methodology differs: VOC stresses private firm governance, whereas TR considers the primacy of systemic and macroeconomic coherence. Whereas for VOC there exist only LME and CME, TR recurrently finds at least four brands of capitalism: market-led, meso-corporatist, social democrat and State-led. VOC seems to consider that the long-term stability of each capitalism can be challenged only by external shocks, but TR stresses the fact that the very success of a regulation mode ends up in a structural crisis, largely endogenous.

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    Paper provided by HAL in its series Post-Print with number hal-00812971.

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    Date of creation: 2005
    Publication status: Published in Economy and Society, Taylor & Francis (Routledge), 2005, 34 (4), <10.1080/03085140500277070>
    Handle: RePEc:hal:journl:hal-00812971
    DOI: 10.1080/03085140500277070
    Note: View the original document on HAL open archive server: https://hal-pjse.archives-ouvertes.fr/hal-00812971
    Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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