Capitalist diversity in Europe

Authored by: Andreas Nölke

The Routledge Handbook of Critical European Studies

Print publication date:  December  2020
Online publication date:  December  2020

Print ISBN: 9781138589919
eBook ISBN: 9780429491306
Adobe ISBN:

10.4324/9780429491306-11

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Abstract

Policy-makers as well as orthodox economic scholarship on the European Union – and the Eurozone in particular – prescribe similar economic policies for all member economies. The focus currently is on external competitiveness via wage restraint, public sector austerity and – to a more limited extent – private sector investments in research and development. Comparative Capitalism (CC) scholarship, in contrast, has long pointed to the diversity of capitalist models in the EU, inter alia including the Liberal Market Economy of the United Kingdom, the Coordinated Market Economies of Germany and Austria and the Dependent Market Economies in the Visegrád countries. Depending on the institutional complementarities within these economies, very different economic policies may be adequate. Correspondingly, CC scholarship has been critical with the development of the homogenizing tendencies of the Common Market, particularly since the 1990s.

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