Changing Models of Capitalism in Europe and the U.S.

The volume analyzes the long-term trajectories of change in the capitalist models of the UK, Germany, Sweden, France, Italy, Hungary, Slovakia, and the United States. The case studies identify critical junctures and key periods of change in order to show how institutions are shaped by different sets of socio-political compromises and public policy. The case studies follow a common methodology, comparing change and linkages across six core institutional domains, thus facilitating a comparative understanding of the patterns and drivers of institutional change, as well as how liberalisation impacts countries in similar and dissimilar ways. The historical perspective of the cases highlights the transformative effects of relatively slow and incremental changes. These case studies also make an innovative contribution to examining the linkages between four levels of institutions that regulate the economy – the international, macro (national), meso, and micro. The volume reveals both a common trend toward more liberal forms of capitalism but also variations on this overarching trajectory. Markets themselves create their own dynamics, which have varied effects on firms and other economic actors in historically diverse institutional contexts.

This book was originally published as a special issue of the Journal of European Public Policy.