Tracking the Transformation of Growth Regimes in Advanced Capitalist Economies

Abstract

The chapter aims at building the theoretical framework to understand the evolution of growth regimes in advanced capitalist economies. It starts by recalling the main questions, approaches, and current debates on the dynamics of capitalist development in the comparative political economy literature. In a second step, it revisits the terms of the various approaches considered (Regulation School, Varieties of Capitalisms, Growth Models), defines growth regimes and growth strategies, and emphasizes the role played by welfare systems in these. Third, it presents the main economic challenges capitalist economies have been confronted with (deindustrialization, financialization, and the rise of the knowledge economy) and underlines the fact that, despite common challenges, the economies have remained distinct. Fourth, it provides an overview of five main ideal-typical growth regimes that have developed in advanced capitalist economies: the dynamic services export-led growth regime, the high-quality manufacturing export-led, the FDI-financed export-led, the finance-based domestic demand-led, and the public-financed domestic demand-led ones. Finally, the chapter summarizes the main contributions of the other chapters of the book.