The Nordic Varieties Of Capitalism

A comprehensive analysis of the political economy of the five Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). It emphasizes the variety of experiences within the Nordic realm, from the dramatic collapse of Iceland's economy as the financial bubble burst in 2008 to the full-employment oil-economy of Norway.

A comprehensive analysis of the political economy of the five Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). It emphasizes the variety of experiences within the Nordic realm, from the dramatic collapse of Iceland's economy as the financial bubble burst in 2008 to the full-employment oil-economy of Norway.

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.

Mediterranean Capitalism Revisited brings together leading experts on the political economies of southern Europe—specifically Greece, Italy, Spain, and Portugal—to closely analyze and explain the primary socioeconomic and institutional features that define "Mediterranean capitalism" within the wider European context. These economies share a number of features, most notably their difficulties to provide viable answers to the challenge of globalization. By examining and comparing such components as welfare, education and innovation policies, cultural dimensions, and labor market regulation, Mediterranean Capitalism Revisited attends to both commonalities and divergences between the four countries, identifying the main reasons behind the poor performance of their economies and slow recovery from the Great Recession of 2007–2008. This volume also sheds light on the process of diversification among the four countries and addresses whether it did and still does make sense to speak of a uniquely Mediterranean model of capitalism. Contributors: Alexandre Afonso, Leiden University; Lucio Baccaro, Max Planck Institute for the Study of Societies; Rui Branco, NOVA University of Lisbon; Fabio Bulfone, Max Planck Institute for the Study of Societies; Giliberto Capano, University of Bologna; Sabrina Colombo, University of Milan; Lisa Dorigatti, University of Milan; Ana M. Guillén, University of Oviedo; Matteo Jessoula, University of Milan; Andrea Lippi, University of Florence; Manos Matsaganis, Polytechnic University of Milan; Oscar Molina, Autonomous University of Barcelona; Manuela Moschella, Scuola Normale Superiore; Sofia A. Pérez, Boston University; Gemma Scalise, University of Bergamo; Arianna Tassinari, Max Planck Institute for the Study of Societies.

This book uses comparative economic analysis to provide a common conceptual framework for all current European Union member states. Based on empirical investigation, the author identifies the Nordic, North-western, Mediterranean, and Central and Eastern models of capitalism on the threshold of the 2008 global financial and economic crisis. The chapters also examine the resulting institutional responses to the crisis and the methods of crisis management adopted by each member state. The analysis reveals that the crisis has not triggered radical institutional change but, instead, highlighted deep institutional differences not between the old and new member states, but between the Nordic, North-western, Mediterranean, and Central and Eastern European countries. These institutional differences are so significant that they require the rethinking of European integration theory. Models of Capitalism in the European Union serves as a useful handbook for academics, advanced students, policy-makers and advisors who are interested in European economic issues.

Presenting capitalisms as open, system-like configurations, this book argues four ideal-typical varieties (liberal, statist, corporatist, meso-communitarian) and analyzes the socio-economic performances of advanced capitalisms.

In the early 1990s the Nordic countries were considered to be in a serious situation. The costs of welfare states, generous unemployment benefits, high taxation rates, strong unions, and centralized wage bargaining were thought to be undermining their competitiveness in an age of rapid globalization. By 2005 however, they all ranked at the top of a number of performance indexes on economic competitiveness and sustainability. Citizens in the Nordic countries continue to participate in and benefit from globalization on a much wider scale than in any other similarly highly developed country, and these countries increasingly provide templates within the EU for imitation and social innovation. This book investigates how and why welfare services, active labour market institutions, and public policies were re-combined into enabling and risk-sharing mechanisms to stimulate innovation, and how this made it possible for firms to change their work organization and pursue highly rewarding and distinctive globalization strategies. Through detailed analysis of Finland, Denmark, Norway, and Sweden, this book reveals the dynamics and transformations of their national business systems, and the emerging new patterns of interaction between firms, labour markets, and institutions. It will be valuable addition to the literature on social innovation and institutional entrepreneurship.

This book combines the two most important typologies of capitalist diversity; Esping-Andersen's welfare regime typology and Hall and Soskice's 'Varieties of Capitalism' typology, into a unified typology of capitalist diversity. The author shows empircally that certain welfare states bundle together with certain production systems.

This book examines contemporary changes in labor market institutions in the United States, Germany, Denmark, Sweden, and the Netherlands, focusing on developments in three arenas - industrial relations, vocational education and training, and labor market policy. While confirming a broad, shared liberalizing trend, it finds that there are in fact distinct varieties of liberalization associated with very different distributive outcomes. Most scholarship equates liberal capitalism with inequality and coordinated capitalism with higher levels of social solidarity. However, this study explains why the institutions of coordinated capitalism and egalitarian capitalism coincided and complemented one another in the "Golden Era" of postwar development in the 1950s and 1960s, and why they no longer do so. Contrary to the conventional wisdom, this study reveals that the successful defense of the institutions traditionally associated with coordinated capitalism has often been a recipe for increased inequality due to declining coverage and dualization. Conversely, it argues that some forms of labor market liberalization are perfectly compatible with continued high levels of social solidarity and indeed may be necessary to sustain it.

For the first time in history, the globe is dominated by one economic system. Capitalism prevails because it delivers prosperity and meets desires for autonomy. But it also is unstable and morally defective. Surveying the varieties and futures of capitalism, Branko Milanovic offers creative solutions to improve a system that isn’t going anywhere.