Abstract
Varieties of Capitalism (VoC) has broadened the prevalent understanding of market mechanisms, although some criticisms have been raised. Despite extensive research on VoC, few studies have empirically expanded the VoC framework and its relationship with economic growth. In this study, state involvement in the market is additionally considered as an axis, and the “third” type of market economy, in which the state influences the market, is empirically captured. Moreover, this study examines the nonlinearity and dynamic stability of the factors constituting VoC. In the expanded framework, state involvement is a significant positive contributor to economic growth even in developed countries, and it creates synergy when combined with labor relations. Labor protection is also confirmed to work positively for economic growth up to a certain level. This study reflects real economies and empirically supports the discourse on the state’s role in the market for economic growth.
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