Varieties of Capitalism: Second-Generation Perspectives

Over the past 20 years, a new discourse on varieties of capitalism has emerged, challenging the view that there is no alternative to free market capitalism. This book provides a collection of essays that engage these second-generation concerns and questions, focusing on income distribution, institutional structures, politics, and the long-standing center-periphery distinction in development economics.

Format: Hardback
Length: 168 pages
Publication date: 28 January 2023
Publisher: Edward Elgar Publishing Ltd

Over the past two decades, a fascinating and transformative discourse has emerged on the diverse forms of capitalism. This discourse possesses a compelling and intuitive sense that challenges the notion that there is no viable alternative to free market capitalism. Initially, the perspective adopted a microeconomic focus, centering its analysis on firms as the central entities. It distinguished between liberal market and coordinated market economies. Subsequently, a second-generation literature has emerged, adopting a macroeconomic perspective that emphasizes the differing drivers of growth. This book serves as a compilation of essays that engage with these second-generation concerns and questions.

The new view places significant emphasis on income distribution, leading to a focus on institutional structures that are shaped by policy and power. A related aspect is the emphasis on politics, which encompasses the process by which policies are formulated and implemented. Furthermore, it raises the question of whether economies should be understood as the outcome of national choices or as mere products of the global capitalist system forces. This connection aligns with the longstanding forces of center-periphery differentiation in development economics.

Economists, researchers, and students alike will find this volume to be an enlightening exploration of a crucial and timely subject.

Dimension: 234 x 156 (mm)
ISBN-13: 9781035312740