Varieties of capitalism and varieties of globalization: comparing patterns of market deregulation

Abstract

ABSTRACTMarket deregulation has been integral to economic globalization, but we do not know very much about the comparative dimension of reform, i.e., the performance of liberal and co-ordinated market economies. Co-ordinated market economies are often assumed to perform poorly in deregulation reform, while such reform is path-dependent to the liberal market economy model. The article compares the trajectory of market deregulation in these different ‘varieties of capitalism’. Drawing on the Organization for Economic Co-operation and Development's ‘product market regulation indicators', the analysis shows that co-ordinated market economies have implemented more extensive deregulation than have the liberal market economies.