Mapping stability and change in advanced capitalisms

Abstract

Within the study of comparative capitalisms (CC), there is little consensus on the core traits, proper labels, or categorization of different capitalist economies. This paper seeks to clarify the discussion by constructing an empirical index that can be used to map advanced capitalist economies. The index is based on a dozen variables organized into three key domains: the organization of labor, the organization of business and the role of the state. In terms of cross-national comparison, the distribution of states largely matched theory, although with greater diversity among liberal economies and relatively less among European economies than would be expected. Over time, there has been a general movement toward liberalization with some states, such as New Zealand, liberalizing substantially. Alternately others, mainly Ireland, have actually become more coordinated. Beyond descriptive mapping, this paper also demonstrates how the CC index can be used to provide analytical leverage over questions of the taxonomy of capitalisms, the connection between models and economic performance and the relative contribution of diverse institutions toward economic performance.