Varieties of capitalism and responses to the Financial Crisis: the European social Model versus the US Model
The 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
|Date of creation:||May 2011|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +39 06 57114612
Fax: +39 06 57114771
Web page: http://host.uniroma3.it/dipartimenti/economia/it/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jian Yang & Insik Min & Qi Li, 2003. "European Stock Market Integration: Does EMU Matter?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(9-10), pages 1253-1276.
- James Tobin, 1978.
"A Proposal for International Monetary Reform,"
Eastern Economic Journal,
Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct.
- André Sapir, 2006.
"Globalization and the reform of European social models,"
ULB Institutional Repository
2013/167139, ULB -- Universite Libre de Bruxelles.
- André Sapir, 2006. "Globalization and the Reform of European Social Models," Journal of Common Market Studies, Wiley Blackwell, vol. 44(2), pages 369-390, 06.
- André Sapir, 2006. "Globalisation and the reform of European social models," ULB Institutional Repository 2013/8112, ULB -- Universite Libre de Bruxelles.
- AndrÃ© Sapir, 2005. "Globalisation and the reform of European social models," Policy Contributions 31, Bruegel.
- Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147, March.
- Philip Arestis & Theodore Pelagidis, 2010. "Absurd Austerity Policies in Europe," Challenge, M.E. Sharpe, Inc., vol. 53(6), pages 54-61, November.
- Karl Whelan, 2010. "Global Imbalances and the Financial Crisis," Working Papers 201013, School of Economics, University College Dublin.
- Pasquale Tridico, 2007. "Institutions, Human Development and Economic Growth in Transition Economies," The European Journal of Development Research, Taylor and Francis Journals, vol. 19(4), pages 569-593.
When requesting a correction, please mention this item's handle: RePEc:rtr:wpaper:0129. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Telephone for information)
If references are entirely missing, you can add them using this form.