Comparative Capitalism, Growth Models and Emerging Markets: The Development of the Field

Abstract

Over the past decade, the study of emerging markets has become one of the most vibrant fields of Comparative Capitalism (CC) scholarship. CC studies have not only mapped a range of different emerging market capitalisms but have also identified both functional and dysfunctional types that further differ based on their integration into the global economy. The article reviews the evolution of these ideal-typological efforts, ranging from the notion of dependent market economies in Central Eastern Europe to hierarchical market economies prevalent mostly in Latin America, from patrimonial capitalism (such as in Russia) to statepermeated capitalism (based on the study of China and India). While the CC study of emerging markets has also addressed some of the criticisms posed against the earlier Varieties of Capitalism-framework, it still faces significant analytical and methodological challenges. Against this background, the article proposes to incorporate the Growth Model approach into the CC framework and probes its usefulness for the analysis of emerging market capitalisms.

Intro: Comparative Capitalism Research in Emerging Markets – A New Generation

“…The papers further show, that applying the analytical lens of social blocs to EMs holds lessons for CC in general: Social bloc formation may follow specific rules in EMs that provide a new way of distinguishing these systems from advanced economies. Thus, Schedelik et al (2020) show that interpersonal formation of social blocs and informal (not formal) interest organisations are key features of the four EM varieties that they identify. Similarly, focusing on the Brazilian case, Morgan et al (2020) show in very convincing fashion how the social bloc the Brazilian labour governments of the early 2000s managed to create was strong enough to allow for the emergence of a fairly successful, but shortlived consumption-driven growth model, but ultimately too weak to support fundamental institutional reform.…”

“…Integrating the GMP and VoC approaches also makes us more sensitive to the international linkages among national business systems. Schedelik et al (2020) argue that the nature of integration into the world economy is a defining feature of at least two of the four EM models of capitalism they identify. Similarly, Allen et al, raise the important question of 'compossibility:' Can both China and India have thriving PV industries, or is there a necessary link between one country's success and the other's failure?…”

“…The rise of non-Western economies had soon led to attempts to integrate them into the CC literature. Yet, as Schedelik et al (2020) show, these attempts have for a long time remained piecemeal and limited to individual or regional types, with an overarching, theoretically consistent framework missing. Consequently, debates have persisted about the appropriate classification of various emerging models.…”

“…The three papers in this special section constitute examples of a new generation of CC research on EMs, which remedy some of the weaknesses of the VoC approach by drawing on GMP and Regulation Theory to provide a more robust analytical framework for the study of EMs. The authors argue thatthus enhancedcomparative capitalism in EMs can not only allow us to better understand these cases, but also allows us to better understand struggling advanced economies (Morgan et al, 2020), and can even constitute an alternative to dominant institutional paradigms in development studies (Schedelik et al 2020).…”

The Local Government of Kulon Progo Regency Innovation in Subduing Capitalism through Community Empowerment

“…Finally, what is being sacrificed is the (François, Niculescu, Badini, & Diarra, 2009). It must be admitted, an area that is truly complex and intricate, because it does not want to rule the clash between commercial and humanist approaches (Schedelik, Nölke, Mertens, & May, 2020). The spatial layout of an area is actually a cultural embodiment of a community with a variety of characters, traits, uniqueness, uniqueness, and personality.…”