Globalized Finance and Varieties of Capitalism

Author: H. van Zon,Hans van Zon

Publisher: Springer

ISBN: 1137560274

Category: Political Science

Page: 227

View: 9738

Hans van Zon analyzes the financialization of developed capitalism, and argues that the emergence of finance as a dominant force has contributed to the relative decline of the West. He demonstrates that the neo-liberal model is inherently unstable and undermines capitalist economies, which can only function if they are embedded in institutions that are non- or even pre-capitalist. He shows how a toxic combination of financialization, corporate globalization, and a deregulated and parasitic financial industry have led to structural economic stagnation in both the USA and the greater part of the EU.
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Varieties of Capitalism

The Institutional Foundations of Comparative Advantage

Author: Peter A. Hall,David Soskice

Publisher: OUP Oxford

ISBN: 9780191530104

Category: Business & Economics

Page: 556

View: 2557

What are the most fundamental differences among the political economies of the developed world? How do national institutional differences condition economic performance, public policy, and social well-being? Will they survive the pressures for convergence generated by globalization and technological change? These have long been central questions in comparative political economy. This book provides a new and coherent set of answers to them. Building on the new economics of organization, the authors develop an important new theory about which differences among national political economies are most significant for economic policy and performance. Drawing on a distinction between 'liberal' and 'coordinated' market economies, they argue that there is more than one path to economic success. Nations need not converge to a single Anglo-American model. They develop a new theory of 'comparative institutionaladvantage' that transforms our understanding of international trade, offers new explanations for the response of firms and nations to the challenges of globalization, and provides a new theory of national interest to explain the conduct of nations in international relations. The analysis brings the firm back into the centre of comparative political economy. It provides new perspectives on economic and social policy-making that illuminate the role of business in the development of the welfare state and the dilemmas facing those who make economic policy in the contemporary world. Emphasizing the 'institutional complementarities' that link labour relations, corporate finance, and national legal systems, the authors bring interdisciplinary perspectives to bear on issues of strategic management, economic performance, and institutional change. This pathbreaking work sets new agendas in the study of comparative political economy. As such, it will be of value to academics and graduate students in economics, business, and political science, as well as to many others with interests in international relations, social policy-making, and the law.
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Varieties of Capitalism, Types of Democracy and Globalization

Author: Masanobu Ido

Publisher: Routledge

ISBN: 1136342702

Category: Political Science

Page: 248

View: 6514

This book combines two strands of international political economy; examining how capitalism and democracy shape and are shaped by each other. Although until now considered separately, this path-breaking book proposes an innovative view of a political-economic system that inextricably links the model of capitalism to the type of democracy, where continuation is mutually reinforced. Advanced countries have achieved post-war affluence by adopting one of two contrasting models of capitalism; liberal market economies or coordinated market economies, and two opposing types of democracies: consensus or majoritarian democracies. Expert contributors in the field consider the question of whether and how globalization is transforming the post-war political–economic systems of advanced countries such as Britain, France, Germany, Italy and Japan, as well as the question of how it is shaping democracy and capitalism combinations in former socialist countries in Eastern Europe and the new "capitalist" China. The book examines various topics, including party system change, a political dilemma of the established party, and corporate governance reforms, to posit an original an innovative theory of international political economy. Variety of Capitalism, Types of Democracy and Globalization will be of interest to students and scholars of comparative politics, political economy and globalization.
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Globalization and Varieties of Capitalism

New Labour, Economic Policy and the Abject State

Author: D. Coffey,C. Thornley

Publisher: Springer

ISBN: 0230244602

Category: Political Science

Page: 188

View: 3758

A study of Britain as a capitalism poised between American and European models, exploring themes of legitimation, denial and opportunism via a series of substantial case studies framed by a reinterpretation of Thatcherism's economic contexts and a critical assessment of New Labour.
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Variegated Neoliberalism

EU varieties of capitalism and International Political Economy

Author: Huw Macartney

Publisher: Routledge

ISBN: 113686282X

Category: Political Science

Page: 208

View: 2372

We know from the cost of the 2007-09 crisis that transnational finance does not operate in a realm removed from our everyday lives. Variegated Neoliberalism explains why its inequalities persist and how they undermine more social-minded policies towards finance in the EU. The book suggests that large financial groups capitalize on broader changes in capitalism and emerging assumptions about what benefits society at large. Those pushing these political-economic projects present policy change to cope with financial globalization as a new common sense. Macartney's argument then contests these assumptions through an analysis of the spatial relations of transnational actors, and the political claims made within finance and research communities. Rather than relying on umbrella concepts like 'transnational capitalist class', Variegated Neoliberalism emphasises the national-domestic foundations for transnationalization and what we commonly understand as neoliberalism. The book provides comparative analyses of global and European banking communities, and economic research centres, in the UK, France, and Germany. It explains the constellations underpinning the current neoliberal order in global finance, and the realms of possibility for challenges to it.
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The New Geography of Capitalism

Firms, Finance, and Society

Author: Adam D. Dixon

Publisher: Oxford University Press (UK)

ISBN: 0199668248

Category: Business & Economics

Page: 192

View: 4416

Globalization is a dominant feature and force in the contemporary world, impacting all areas of business, economics, and society. This accessibly written overview of contemporary capitalism shows how the development of global supply chains, the global division of labour, and, in particular, the globalization of financial markets have become the drivers of this process, and assesses the consequences. Wide-ranging, accessibly written, and inter-disciplinary, thisshort book is a most useful guide for researchers and students across the social sciences.
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Varieties of Capitalism, Types of Democracy and Globalization

Author: Masanobu Ido

Publisher: Routledge

ISBN: 1136342702

Category: Political Science

Page: 248

View: 8913

This book combines two strands of international political economy; examining how capitalism and democracy shape and are shaped by each other. Although until now considered separately, this path-breaking book proposes an innovative view of a political-economic system that inextricably links the model of capitalism to the type of democracy, where continuation is mutually reinforced. Advanced countries have achieved post-war affluence by adopting one of two contrasting models of capitalism; liberal market economies or coordinated market economies, and two opposing types of democracies: consensus or majoritarian democracies. Expert contributors in the field consider the question of whether and how globalization is transforming the post-war political–economic systems of advanced countries such as Britain, France, Germany, Italy and Japan, as well as the question of how it is shaping democracy and capitalism combinations in former socialist countries in Eastern Europe and the new "capitalist" China. The book examines various topics, including party system change, a political dilemma of the established party, and corporate governance reforms, to posit an original an innovative theory of international political economy. Variety of Capitalism, Types of Democracy and Globalization will be of interest to students and scholars of comparative politics, political economy and globalization.
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The Diversity of Emerging Capitalisms in Developing Countries

Globalization, Institutional Convergence and Experimentation

Author: Eric Rougier,François Combarnous

Publisher: Springer

ISBN: 3319499475

Category: Business & Economics

Page: 450

View: 3798

This book presents the results of a collective and original empirical investigation of the institutional systems underlying the capitalisms that are coming to the fore in developing nations. While varieties of industrialized countries’ capitalisms are extensively scrutinized, those of developing countries’ capitalisms are far less documented. By implementing a unified and original comparative approach based on the institutional complementarity theory, the different contributors of the book find evidence for the originality and heterogeneity of the forms of capitalism to be observed in developing countries. This text analyses capitalist systems as clusters of sectoral institutions and regulations, identifying differences between these clusters in a large sample of emerging and developing countries. Rougier and Combarnous bring together contributions answering the following questions: What are these clusters of institutions underlying emerging capitalisms? Are there common or specific patterns of institutional clustering across countries and what are the main characteristics of the varieties of capitalism they shape? What are their main long-term determinants? Are there specific patterns of economic outcome associated with these clusters? Can different forms of institutional complementarity be observed? How can we analyse institutional reform from this perspective?
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National Diversity and Global Capitalism

Author: Suzanne Berger,Ronald Philip Dore

Publisher: Cornell University Press

ISBN: 9780801483196

Category: Business & Economics

Page: 387

View: 5962

How does globalization change national economies and politics? Are rising levels of trade, capital flows, new communication technologies, and deregulation forcing all societies to converge toward the same structures of production and distribution? Suzanne Berger and Ronald Dore have brought together a distinguished group of experts to consider how the international economy shapes and transforms domestic structures. Drawing from experience in the United States, Europe, and Asia, the contributors ask whether competition, imitation, diffusion of best practice, trade, and financial flows are reducing national diversities. The authors seek to understand whether the sources of national political autonomy are undermined by changes in the international system. Can distinctive varieties of capitalism that incorporate unique and valued institutions for achieving social welfare survive in a global economy? The contributions to the volume present a challenge to conventional views on the extent and scope of globalization as well as to predictions of the imminent disappearance of the nation state's leverage over the economy.
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Inequality in Financial Capitalism

Author: Pasquale Tridico

Publisher: Taylor & Francis

ISBN: 1317372107

Category: Business & Economics

Page: 236

View: 8018

Recently, the issue of inequality has regained attention in the economic and political debate. This is due to both an increase in income inequality, in particular among rich countries, and an increasing interest in this issue by researchers and politicians. In the last three decades, income inequality among rich countries increased. This period also witnessed the growth of "financial capitalism", characterised by the strong dependency of economies on the financial sector, by the globalisation and intensification of international trade and capital mobility, and by the "flexibilisation" of labour markets and the reduction of wage shares. From the 1980s to the present day, this book considers the theoretical aspects of inequality (its foundations, definitions, approaches and origins) and examines empirical evidence of income inequality in a wide range of advanced economies. The key arguments in this volume are that income inequality increased during this period because labour and welfare became seen as costs to be compressed in "financial capitalism" rather than as a fundamental part of aggregate demand to be expanded. However, the welfare state is not a drain on economic performance and competitiveness, nor is it a barrier to economic efficiency. Instead, it is demonstrated that in countries that adopt "welfare capitalism", welfare state expenditure not only contributes to a reduction in inequality but also fosters economic growth. Inequality in Financial Capitalism is of great importance to those who study economics, political economy, labour economics and globalisation.
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Internalizing Globalization

The Rise of Neoliberalism and the Decline of National Varieties of Capitalism

Author: Susanne Soederberg,Georg Menz,Philip G. Cerny

Publisher: Springer

ISBN: 0230524435

Category: Political Science

Page: 297

View: 8090

This book explores how a wide range of countries attempt to cope with the challenges of globalization. While the internalization of globalization proceeds in significantly different ways, there is a broad process of convergence taking place around the politics of neoliberalism and a more market-oriented version of capitalism. The book examines how distinct social structures, political cultures, patterns of party and interest group politics, classes, public policies, liberal democratic and authoritarian institutions, and the discourses that frame them, are being reshaped by political actors. Chapters cover national experiences from Europe and North America to Asia and Latin America (Chile, Mexico, and Peru).
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American Empire and the Political Economy of Global Finance

Author: L. Panitch,M. Konings

Publisher: Springer

ISBN: 0230227678

Category: Political Science

Page: 334

View: 819

In a lively critique of how international and comparative political economy misjudge the relationship between global markets and states, this book demonstrates the central place of the American state in today's world of globalized finance. The contributors set aside traditional emphases on military intervention, looking instead to economics.
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The Political Economy of Emerging Markets

Varieties of BRICS in the Age of Global Crises and Austerity

Author: Richard Westra

Publisher: Taylor & Francis

ISBN: 1317309197

Category: Business & Economics

Page: 224

View: 9763

Rapid and sustained growth in the twenty-first-century global economy of large developing economies including Brazil, Russia, India, China, and South Africa, has captivated policy-makers and popular business press pundits alike. The coining of the new acronym BRICS and widespread adoption in international economics discourse of the designation "emerging markets" is symptomatic of that interest. The Political Economy of Emerging Markets situates the BRICS phenomena in the global economic context of advanced economies continuing to languish in recession and hovering over a deflationary abyss several years after the meltdown. A key question this volume seeks to answer is whether the BRICS and so-called "emerging market" phenomenon is really the new miracle it is presented as, offering new or modified varieties of reloaded capitalist development to the world, or yet another mirage. Written by ten leading global experts, this book answers the tough questions over BRICS and emerging markets potentially realizing new varieties of reloaded capitalism. It is not only international and interdisciplinary but uniquely multiperspectival. Theories framing chapters are not of one genre, but generate theoretical debate at the frontier of knowledge in political economy along with nuanced empirical analysis which flows from it. This book is of great importance to those who study political economy, development economics and international political economy.
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Financial Crisis, Labour Markets and Institutions

Author: Sebastiano Fadda,Pasquale Tridico

Publisher: Routledge

ISBN: 1136268502

Category: Business & Economics

Page: 222

View: 5663

This book seeks to explain the global financial crisis and its wider economic, political, and social repercussions, arguing that the 2007-9 meltdown was in fact a systemic crisis of the capitalist system. The volume makes these points through the exploration of several key questions: What kind of institutional political economy is appropriate to explain crisis periods and failures of crisis-management? Are different varieties of capitalism more or less crisis-prone, and can the global financial crisis can be attributed to one variety more than others? What is the interaction between the labour market and the financialization process? The book argues that each variety of capitalism has its own specific crisis tendencies, and that the uneven global character of the crisis is related to the current forms of integration of the world market. More specifically, the 2007-09 economic crisis is rooted in the uneven income distribution and inequality caused by the current financial-led model of growth. The book explains how the introduction of more flexibility in the labour markets and financial deregulation affected everything from wages to job security to trade union influence. Uneven income distribution and inequality weakened aggregate demand and brought about structural deficiencies in aggregate demand and supply. It is argued that the process of financialization has profoundly changed how capitalist economies operate. The volume posits that financial globalization has given rise to growing international imbalances, which have allowed two growth models to emerge: a debt-led consumption growth model and an export-led growth model. Both should be understood as reactions to the lack of effective demand due to the polarization of income distribution.
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Capital Rules

The Construction of Global Finance

Author: Rawi Abdelal

Publisher: Harvard University Press

ISBN: 9780674023697

Category: Business & Economics

Page: 304

View: 1729

The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodxy.
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New Directions in Comparative Capitalisms Research

Critical and Global Perspectives

Author: M. Ebenau,I. Bruff,C. May

Publisher: Springer

ISBN: 1137444614

Category: Political Science

Page: 252

View: 6537

Now that the 'Varieties of Capitalism' hype has passed, students of capitalist diversity are searching for new directions. This book presents the first sustained dialogue between institutionalist 'post-VoC' and more critical, global approaches, thus contributing to the development of a new generation of Comparative Capitalisms scholarship.
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National Identity and the Varieties of Capitalism

The Danish Experience

Author: John L. Campbell,John A. Hall,Ove Kaj Pedersen

Publisher: McGill-Queen's Press - MQUP

ISBN: 9780773529977

Category: Political Science

Page: 525

View: 6626

Denmark has out-performed most other advanced capitalist countries since the mid-1980s Contributors to National Identity and the Varieties of Capitalism draw from the literature on capitalism and small states and corporatism to explore why this is the case. They find that Danish political and economic institutions facilitate bargaining and consensus building in ways that have enabled the state, businesses, and labour unions to adapt to the challenges of globalization. Moreover, by virtue of its small size, homogeneous population, and response to a variety of international challenges - both economic and geopolitical - Denmark has developed a strong national identity that further bolsters consensus building. The result has been an adaptable and flourishing national political economy.
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The Consequences of the Global Financial Crisis

The Rhetoric of Reform and Regulation

Author: Wyn Grant,Graham K. Wilson

Publisher: Oxford University Press

ISBN: 0199641986

Category: Business & Economics

Page: 272

View: 5487

Systematically exploring the consequences of the global financial crisis, this text focuses primarily on the impact on policy and politics. It asks how governments responded to the challenges that the crisis has posed, and the policy and political impact of the combination of both the crisis itself and these responses.
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The Oxford Handbook of French Politics

Author: Emiliano Grossman,Amy G. Mazur

Publisher: Oxford University Press

ISBN: 0199669694

Category:

Page: 736

View: 4995

The Oxford Handbook of French Politics provides a comprehensive and comparative overview of the French political system through the lens of political science. The Handbook is organized into three parts: the first part identifies foundational concepts for the French case, including chapters on republicanism and social welfare; the second part focuses on thematic large-scale processes, such identity, governance, and globalization; while the third part examines a wide range of issues relating to substantive politics and policy, among which are chapters on political representation, political culture, social movements, economic policy, gender policy, and defense and security policy. The volume brings together established and emerging scholars and seeks to examine the French political system from a comparative perspective. The contributors provide a state-of-the-art review both of the comparative scholarly literature and the study of the French case, making The Oxford Handbook of French Politics an invaluable resource for anyone interested in the foundations of contemporary political life in France.
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The Nordic Varieties of Capitalism

Author: Lars Mjoset

Publisher: Emerald Group Publishing

ISBN: 0857247786

Category: Political Science

Page: 420

View: 8517

A comprehensive analysis of the political economy of the five Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). It emphasizes the variety of experiences within the Nordic realm, from the dramatic collapse of Iceland's economy as the financial bubble burst in 2008 to the full-employment oil-economy of Norway.
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