 In search of varieties of capitalism: hardy perennial or troublesome weed?Mark Blyth and
Herman Mark Schwartz
Review of Keynesian Economics, 2022, vol. 10, issue 1, 167-183 Abstract: Are varieties of capitalism real things in the world, or analytic artifacts that scholars project into the world? The first part of this essay considers the utility of sorting different capitalist economies into different types. We build upon to argue that some varietals are both more real and more useful than others. Specifically, we argue that recent work on growth models () marks a progressive extension of the Comparative Political Economy research program on advanced capitalist states. But from an International Political Economy perspective, this research program can only reach its potential by clearly determining whether the causal origins of variety lie in either unit or system-level characteristics. We argue for incorporating a more system-led explanation of variety that focuses upon fallacies of composition, power asymmetries, and credit cycles. To show this, we walk through four different arguments about system–unit relations – the ‘four Galtons’ – and add in Minsky’s argument about financial crisis cycles. Keywords: varieties of capitalism; growth models; system–unit relations (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:rokejn:v:10:y:2022:i:2:p167-183 Access Statistics for this article Review of Keynesian Economics is currently edited by Thomas Palley, MatÃas Vernengo and Esteban Pérez Caldentey More articles in Review of Keynesian Economics from Edward Elgar Publishing |
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