The Effects of Political Institutions on Varieties of Capitalism

The Effects of Political Institutions on Varieties of Capitalism

Author: Matthew P. Arsenault

Publisher: Springer

Published: 2017-02-10

Total Pages: 209

ISBN-13: 331950892X

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This book identifies and explores the mechanisms linking political institutions and variation in capitalist systems. A strong correlation exists between varieties of political regimes and varieties of capitalism: majoritarian political regimes are correlated with liberal market economies (LMEs) and consensus political regimes are correlated with coordinated market economies (CMEs). Still, correlation is not causation. Empirical findings illustrate that partisanship and policy legacies, the number of political parties, electoral rules, and constitutional constraints are significant indicators of LMEs and CMEs. Arsenault finds that majoritarian institutions create an environment of adversarial politics and strong competition between actors, which makes credible commitment to nonmarket coordination mechanisms unlikely. Consensus institutions, on the other hand, promote an atmosphere of cooperation and coordination between actors, thus encouraging credible commitment to nonmarket coordination mechanisms. Qualitative case studies of Germany, Britain, and New Zealand confirm the quantitative findings and suggest that political regimes were instrumental in shaping the economic adjustment paths of these countries during the era of liberalization in the 1980s.


Book Synopsis The Effects of Political Institutions on Varieties of Capitalism by : Matthew P. Arsenault

Download or read book The Effects of Political Institutions on Varieties of Capitalism written by Matthew P. Arsenault and published by Springer. This book was released on 2017-02-10 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book identifies and explores the mechanisms linking political institutions and variation in capitalist systems. A strong correlation exists between varieties of political regimes and varieties of capitalism: majoritarian political regimes are correlated with liberal market economies (LMEs) and consensus political regimes are correlated with coordinated market economies (CMEs). Still, correlation is not causation. Empirical findings illustrate that partisanship and policy legacies, the number of political parties, electoral rules, and constitutional constraints are significant indicators of LMEs and CMEs. Arsenault finds that majoritarian institutions create an environment of adversarial politics and strong competition between actors, which makes credible commitment to nonmarket coordination mechanisms unlikely. Consensus institutions, on the other hand, promote an atmosphere of cooperation and coordination between actors, thus encouraging credible commitment to nonmarket coordination mechanisms. Qualitative case studies of Germany, Britain, and New Zealand confirm the quantitative findings and suggest that political regimes were instrumental in shaping the economic adjustment paths of these countries during the era of liberalization in the 1980s.

Varieties of Capitalism

Varieties of Capitalism

Author: Peter A. Hall

Publisher: Oxford University Press

Published: 2001

Total Pages: 557

ISBN-13: 0199247749

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Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.


Book Synopsis Varieties of Capitalism by : Peter A. Hall

Download or read book Varieties of Capitalism written by Peter A. Hall and published by Oxford University Press. This book was released on 2001 with total page 557 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.

Varieties of Politics, Varieties of Capitalism

Varieties of Politics, Varieties of Capitalism

Author: Matthew P. Arsenault

Publisher:

Published: 2012

Total Pages: 260

ISBN-13:

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A strong correlation exists between varieties of political regimes and varieties of capitalism (VOC). Majoritarian political regimes are correlated with liberal market economies (LMEs) and consensus political regimes are correlated with coordinated market economies (CMEs). Still, correlation is not causation. The purpose of this project is to open the black box and identify mechanisms linking political institutions and variation in capitalist systems. Empirical findings illustrate that partisanship and policy legacies, the number of political parties, electoral rules, and constitutional constraints are significant indicators of LMEs and CMEs. I find that majoritarian institutions are conducive to an environment of adversarial politics and strong competition between actors. This makes credible commitment to nonmarket coordination mechanisms unlikely. Consensus institutions promote an environment of cooperation and coordination between actors, thus encouraging credible commitment to nonmarket coordination mechanisms. Qualitative case studies of Germany, Britain, and New Zealand chiefly confirm the quantitative findings, and suggest that political regimes were instrumental in shaping the economic adjustment paths of the countries under investigation during the era of liberalization in the 1980s.


Book Synopsis Varieties of Politics, Varieties of Capitalism by : Matthew P. Arsenault

Download or read book Varieties of Politics, Varieties of Capitalism written by Matthew P. Arsenault and published by . This book was released on 2012 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: A strong correlation exists between varieties of political regimes and varieties of capitalism (VOC). Majoritarian political regimes are correlated with liberal market economies (LMEs) and consensus political regimes are correlated with coordinated market economies (CMEs). Still, correlation is not causation. The purpose of this project is to open the black box and identify mechanisms linking political institutions and variation in capitalist systems. Empirical findings illustrate that partisanship and policy legacies, the number of political parties, electoral rules, and constitutional constraints are significant indicators of LMEs and CMEs. I find that majoritarian institutions are conducive to an environment of adversarial politics and strong competition between actors. This makes credible commitment to nonmarket coordination mechanisms unlikely. Consensus institutions promote an environment of cooperation and coordination between actors, thus encouraging credible commitment to nonmarket coordination mechanisms. Qualitative case studies of Germany, Britain, and New Zealand chiefly confirm the quantitative findings, and suggest that political regimes were instrumental in shaping the economic adjustment paths of the countries under investigation during the era of liberalization in the 1980s.

Varieties of Capitalism

Varieties of Capitalism

Author: Peter A. Hall

Publisher: OUP Oxford

Published: 2001-08-30

Total Pages: 562

ISBN-13: 0191530107

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What are the most fundamental differences among the political economies of the developed world? How do national institutional differences condition economic performance, public policy, and social well-being? Will they survive the pressures for convergence generated by globalization and technological change? These have long been central questions in comparative political economy. This book provides a new and coherent set of answers to them. Building on the new economics of organization, the authors develop an important new theory about which differences among national political economies are most significant for economic policy and performance. Drawing on a distinction between 'liberal' and 'coordinated' market economies, they argue that there is more than one path to economic success. Nations need not converge to a single Anglo-American model. They develop a new theory of 'comparative institutionaladvantage' that transforms our understanding of international trade, offers new explanations for the response of firms and nations to the challenges of globalization, and provides a new theory of national interest to explain the conduct of nations in international relations. The analysis brings the firm back into the centre of comparative political economy. It provides new perspectives on economic and social policy-making that illuminate the role of business in the development of the welfare state and the dilemmas facing those who make economic policy in the contemporary world. Emphasizing the 'institutional complementarities' that link labour relations, corporate finance, and national legal systems, the authors bring interdisciplinary perspectives to bear on issues of strategic management, economic performance, and institutional change. This pathbreaking work sets new agendas in the study of comparative political economy. As such, it will be of value to academics and graduate students in economics, business, and political science, as well as to many others with interests in international relations, social policy-making, and the law.


Book Synopsis Varieties of Capitalism by : Peter A. Hall

Download or read book Varieties of Capitalism written by Peter A. Hall and published by OUP Oxford. This book was released on 2001-08-30 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the most fundamental differences among the political economies of the developed world? How do national institutional differences condition economic performance, public policy, and social well-being? Will they survive the pressures for convergence generated by globalization and technological change? These have long been central questions in comparative political economy. This book provides a new and coherent set of answers to them. Building on the new economics of organization, the authors develop an important new theory about which differences among national political economies are most significant for economic policy and performance. Drawing on a distinction between 'liberal' and 'coordinated' market economies, they argue that there is more than one path to economic success. Nations need not converge to a single Anglo-American model. They develop a new theory of 'comparative institutionaladvantage' that transforms our understanding of international trade, offers new explanations for the response of firms and nations to the challenges of globalization, and provides a new theory of national interest to explain the conduct of nations in international relations. The analysis brings the firm back into the centre of comparative political economy. It provides new perspectives on economic and social policy-making that illuminate the role of business in the development of the welfare state and the dilemmas facing those who make economic policy in the contemporary world. Emphasizing the 'institutional complementarities' that link labour relations, corporate finance, and national legal systems, the authors bring interdisciplinary perspectives to bear on issues of strategic management, economic performance, and institutional change. This pathbreaking work sets new agendas in the study of comparative political economy. As such, it will be of value to academics and graduate students in economics, business, and political science, as well as to many others with interests in international relations, social policy-making, and the law.

Re-Forming Capitalism

Re-Forming Capitalism

Author: Wolfgang Streeck

Publisher: OUP Oxford

Published: 2010-03-04

Total Pages: 320

ISBN-13: 0191614459

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Wolfgang Streeck has written extensively on comparative political economy and institutional theory. In this book he addresses some of the key issues in this field: the role of history in institutional analysis, the dynamics of slow institutional change, the limitations of rational design and economic-functionalist explanations of institutional stability, and the recurrent difficulties of restraining the effects of capitalism on social order. In the classification of the 'Varieties of Capitalism' school, Germany has always been taken as the chief exemplar of a 'European', coordinated market economy. Streeck explores to what extent Germany actually conforms to this description. His argument is supported by original empirical research on wage-setting and wage structure, the organization of business and labor in business associations and trade unions, social policy, public finance, and corporate governance. From this evidence, Bringing Capitalism Back In traces the current liberalization of the postwar economy of democratic capitalism by means of an historically-grounded approach to institutional change. This is an important book in comparative political economy and key reading across the social sciences for academics, researchers, and advanced students of Political Economy, Sociology, comparative business systems.


Book Synopsis Re-Forming Capitalism by : Wolfgang Streeck

Download or read book Re-Forming Capitalism written by Wolfgang Streeck and published by OUP Oxford. This book was released on 2010-03-04 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wolfgang Streeck has written extensively on comparative political economy and institutional theory. In this book he addresses some of the key issues in this field: the role of history in institutional analysis, the dynamics of slow institutional change, the limitations of rational design and economic-functionalist explanations of institutional stability, and the recurrent difficulties of restraining the effects of capitalism on social order. In the classification of the 'Varieties of Capitalism' school, Germany has always been taken as the chief exemplar of a 'European', coordinated market economy. Streeck explores to what extent Germany actually conforms to this description. His argument is supported by original empirical research on wage-setting and wage structure, the organization of business and labor in business associations and trade unions, social policy, public finance, and corporate governance. From this evidence, Bringing Capitalism Back In traces the current liberalization of the postwar economy of democratic capitalism by means of an historically-grounded approach to institutional change. This is an important book in comparative political economy and key reading across the social sciences for academics, researchers, and advanced students of Political Economy, Sociology, comparative business systems.

Seeking the Best Master

Seeking the Best Master

Author: Miklós Szanyi

Publisher: Central European University Press

Published: 2020-02-01

Total Pages: 380

ISBN-13: 9633863228

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The economic crisis of 2008–2009 signaled the end of the Post-Washington Consensus on restricting the role of the state in economic and development policy. Since then, state ownership and state intervention have increased worldwide. This volume offers a comparative analysis of the evolution of direct state intervention in the economy through state-owned companies in Austria, Brazil, France, Germany, Hungary, Poland, Turkey, Singapore, and Slovenia. Each case study includes substantial explanations of historical, cultural, and institutional contexts. All the contributors point to the complex nature of the current revival in state economic interventions. The few models that are successful cannot hide the potential problems of excessive state intervention, linked to high levels of moral hazard. State-owned enterprises are primary tools of market and price manipulation for political purposes. They can be used outright for rent seeking. Yet state-owned enterprises can also play important roles in prestigious national initiatives, like major public works or high-profile social and sports events. The authors conclude that after the uniform application of democratic market economic principles, the 2000s witnessed a path-dependent departure from standard economic and political operating procedures in developed countries.


Book Synopsis Seeking the Best Master by : Miklós Szanyi

Download or read book Seeking the Best Master written by Miklós Szanyi and published by Central European University Press. This book was released on 2020-02-01 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic crisis of 2008–2009 signaled the end of the Post-Washington Consensus on restricting the role of the state in economic and development policy. Since then, state ownership and state intervention have increased worldwide. This volume offers a comparative analysis of the evolution of direct state intervention in the economy through state-owned companies in Austria, Brazil, France, Germany, Hungary, Poland, Turkey, Singapore, and Slovenia. Each case study includes substantial explanations of historical, cultural, and institutional contexts. All the contributors point to the complex nature of the current revival in state economic interventions. The few models that are successful cannot hide the potential problems of excessive state intervention, linked to high levels of moral hazard. State-owned enterprises are primary tools of market and price manipulation for political purposes. They can be used outright for rent seeking. Yet state-owned enterprises can also play important roles in prestigious national initiatives, like major public works or high-profile social and sports events. The authors conclude that after the uniform application of democratic market economic principles, the 2000s witnessed a path-dependent departure from standard economic and political operating procedures in developed countries.

Political Capitalism

Political Capitalism

Author: Randall G. Holcombe

Publisher: Cambridge University Press

Published: 2018-07-19

Total Pages: 305

ISBN-13: 1108596126

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Problems associated with cronyism, corporatism, and policies that favor the elite over the masses have received increasing attention in recent years. Political Capitalism explains that what people often view as the result of corruption and unethical behavior are symptoms of a distinct system of political economy. The symptoms of political capitalism are often viewed as the result of government intervention in a market economy, or as attributes of a capitalist economy itself. Randall G. Holcombe combines well-established theories in economics and the social sciences to show that political capitalism is not a mixed economy, or government intervention in a market economy, or some intermediate step between capitalism and socialism. After developing the economic theory of political capitalism, Holcombe goes on to explain how changes in political ideology have facilitated the growth of political capitalism, and what can be done to redirect public policy back toward the public interest.


Book Synopsis Political Capitalism by : Randall G. Holcombe

Download or read book Political Capitalism written by Randall G. Holcombe and published by Cambridge University Press. This book was released on 2018-07-19 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Problems associated with cronyism, corporatism, and policies that favor the elite over the masses have received increasing attention in recent years. Political Capitalism explains that what people often view as the result of corruption and unethical behavior are symptoms of a distinct system of political economy. The symptoms of political capitalism are often viewed as the result of government intervention in a market economy, or as attributes of a capitalist economy itself. Randall G. Holcombe combines well-established theories in economics and the social sciences to show that political capitalism is not a mixed economy, or government intervention in a market economy, or some intermediate step between capitalism and socialism. After developing the economic theory of political capitalism, Holcombe goes on to explain how changes in political ideology have facilitated the growth of political capitalism, and what can be done to redirect public policy back toward the public interest.

Debating Varieties of Capitalism

Debating Varieties of Capitalism

Author: Bob Hancké

Publisher: Oxford University Press on Demand

Published: 2009-09-03

Total Pages: 343

ISBN-13: 0199569673

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Hall and Soskice's Varieties of Capitalism (VoC) has become a seminal text across the social sciences in the debate about political-economic models. Here, Bob Hancké presents the key readings on VoC, including the original Hall and Soskice introduction, showing how these ideas have changed the way we look at comparative political economy.


Book Synopsis Debating Varieties of Capitalism by : Bob Hancké

Download or read book Debating Varieties of Capitalism written by Bob Hancké and published by Oxford University Press on Demand. This book was released on 2009-09-03 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hall and Soskice's Varieties of Capitalism (VoC) has become a seminal text across the social sciences in the debate about political-economic models. Here, Bob Hancké presents the key readings on VoC, including the original Hall and Soskice introduction, showing how these ideas have changed the way we look at comparative political economy.

The Oxford Handbook of French Politics

The Oxford Handbook of French Politics

Author: Robert Elgie

Publisher: Oxford University Press

Published: 2016

Total Pages: 753

ISBN-13: 0199669694

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The Oxford Handbook of French Politics provides a comprehensive and comparative overview of the French political system through the lens of political science. The Handbook is organized into three parts: the first part identifies foundational concepts for the French case, including chapters on republicanism and social welfare; the second part focuses on thematic large-scale processes, such identity, governance, and globalization; while the third part examines a wide range of issues relating to substantive politics and policy, among which are chapters on political representation, political culture, social movements, economic policy, gender policy, and defense and security policy. The volume brings together established and emerging scholars and seeks to examine the French political system from a comparative perspective. The contributors provide a state-of-the-art review both of the comparative scholarly literature and the study of the French case, making The Oxford Handbook of French Politics an invaluable resource for anyone interested in the foundations of contemporary political life in France.


Book Synopsis The Oxford Handbook of French Politics by : Robert Elgie

Download or read book The Oxford Handbook of French Politics written by Robert Elgie and published by Oxford University Press. This book was released on 2016 with total page 753 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of French Politics provides a comprehensive and comparative overview of the French political system through the lens of political science. The Handbook is organized into three parts: the first part identifies foundational concepts for the French case, including chapters on republicanism and social welfare; the second part focuses on thematic large-scale processes, such identity, governance, and globalization; while the third part examines a wide range of issues relating to substantive politics and policy, among which are chapters on political representation, political culture, social movements, economic policy, gender policy, and defense and security policy. The volume brings together established and emerging scholars and seeks to examine the French political system from a comparative perspective. The contributors provide a state-of-the-art review both of the comparative scholarly literature and the study of the French case, making The Oxford Handbook of French Politics an invaluable resource for anyone interested in the foundations of contemporary political life in France.

Institutional Change in Varieties of Capitalism

Institutional Change in Varieties of Capitalism

Author: Peter Hall

Publisher:

Published: 2011

Total Pages: 0

ISBN-13:

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Contemporary approaches to varieties to capitalism are often criticized for neglecting issues of institutional change. This paper develops an approach to institutional change more extended than the one provided in Hall and Soskice (in Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford, Oxford University Press, 2001) but congruent with its varieties-of-capitalism perspective. It begins by outlining an approach to institutional stability, which suggests that the persistence of institutions depends not only on their aggregate welfare effects but also on the distributive benefits that they provide to the underlying social or political coalitions; and not only on the Pareto-optimal quality of such equilibria but also on continuous processes of mobilization through which the actors test the limits of the existing institutions. It then develops an analysis of institutional change that emphasizes the ways in which defection, reinterpretation and reform emerge out of such contestation and assesses the accuracy of this account against recent developments in the political economies of Europe. The paper concludes by outlining the implications of this perspective for contemporary analyses of liberalization in the political economy.


Book Synopsis Institutional Change in Varieties of Capitalism by : Peter Hall

Download or read book Institutional Change in Varieties of Capitalism written by Peter Hall and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contemporary approaches to varieties to capitalism are often criticized for neglecting issues of institutional change. This paper develops an approach to institutional change more extended than the one provided in Hall and Soskice (in Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford, Oxford University Press, 2001) but congruent with its varieties-of-capitalism perspective. It begins by outlining an approach to institutional stability, which suggests that the persistence of institutions depends not only on their aggregate welfare effects but also on the distributive benefits that they provide to the underlying social or political coalitions; and not only on the Pareto-optimal quality of such equilibria but also on continuous processes of mobilization through which the actors test the limits of the existing institutions. It then develops an analysis of institutional change that emphasizes the ways in which defection, reinterpretation and reform emerge out of such contestation and assesses the accuracy of this account against recent developments in the political economies of Europe. The paper concludes by outlining the implications of this perspective for contemporary analyses of liberalization in the political economy.