Introduction

Abstract

The Introduction presents the research questions and the research design of this volume and summarises and discusses the main findings. Two questions are particularly important. First, have growth and equality become incompatible in the advanced democracies? Second, are current trends bringing about a convergence towards a single model of de-regulated capitalism with increasing inequalities? Influential strands of literature argue that the remarkable differences among advanced democracies are simply the heritage of an institutional structure established in the past. Therefore, they are bound to disappear under the pressure of globalisation and technological change. To the contrary, the research presented in this volume suggests that some of these structures could be more stable and resilient than others depending on their polity. Economic growth and social equality are not necessarily incompatible and democratic capitalism is not bound to disappear. Changes in the political economy brought about by the pandemic at national level, as well as in the European Union policies, could strengthen the resilience of institutional differences among advanced democracies, leaving room for a more inclusive growth. Therefore, it is more appropriate to look at different capitalisms with different types of democracies. This perspective could also offer valuable insights to build up a more inclusive economic growth and more stable and legitimated democratic institutions.