Varieties of Capitalism

This course examines varying models of capitalism and their adoptions in different political settings in the context of globalization. Focusing on the creation, evolution, and reform of market institutions, it surveys the basic literature on the varieties of capitalism (VoC), presenting the concept of complementarity, a key notion used in the respective literature to shape the distinct VoCs. It discusses the two major models in VoC: liberal market economy and coordinated market economy, debating their viability in today¿s global economy. It analyzes the institutional characteristics and domestic policy set-ups of VoC especially in contemporary advanced societies. It examines the comparative features of the VoC with respect to the patterns of industrialization, labor markets, human capital, the interactions between the state and the market, the structure of corporate governance and the coordination between the state, capital and organized labor. It concludes by debating the ongoing challenges that both capitalism in general and the distinct VoC in particular encounter by the intensifying forces of globalization and by the rise of eclectic models, like that of China.