Varieties of capitalism, quality of government, and policy conditionality in Southern Europe:Greece and Portugal in comparative perspective

Christos J. Paraskevopoulos

GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe from Hellenic Observatory, LSE

Abstract: This paper, drawing primarily on the Varieties of Capitalism (VoC) theoretical approach to political economy and the institutional theory of Europeanisation with emphasis on the Quality of Government (QoG) approach, examines possible variation between Greece and Portugal, in terms of their responses to pressures from Europeanisation before the crisis, as well as to MoU conditionality during the crisis. The empirical evidence seems to vindicate the fundamental assumptions of the VoC approach about the impact of variation among member states of the Eurozone, in terms of models of capitalism/political economy, on the crisis in Greece and Portugal. However, QoG is identified as key explanatory variable for variation in adaptation/adjustment capacity between the two countries, especially during the crisis. Additionally, there seems to be no evidence that cultural aspects, such as the level of social trust/ capital, can account for variation in adaptation performance between the two countries during the crisis.

Keywords: Varieties of Capitalism; Quality of Government; Social Capital/Trust; Conditionality; MoUs; Critical Junctures; Southern Europe; Greece; Portugal (search for similar items in EconPapers)
Date: 2017-10
New Economics Papers: this item is included in nep-eec
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Citations: View citations in EconPapers (2)

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