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A snapshot of the EU’s capitalist diversity between the two recent major economic crises

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  • Zoltán Nadobán

Abstract

This article carries on the research agenda of mapping EU’s capitalist diversity by taking an up-to-date snapshot of capitalist types regarding the period between two recent major crises (2014-2019). During the update the research framework has been further improved with more relevant indicators, a further expanded Amablian framework concerning the institutional side, and a coupling with the demand side which was conceptualized by the growth regimes theory. Results of the cluster analyses confirm the persistence of capitalist division with the two clusters of southern and eastern member states separating the most while the countries belonging to the core region are mixing during cluster formation. The article shares the view that capitalist types should be evaluated from a boarder perspective (a competitiveness point of view along economic, social, institutional upgrading channels and dependency perspective). Overall results re-confirm the existence of peripheral capitalist models, whose catching up ability and sustainability are doubtful as they are characterized by permanent resource outflows that could not be solved without a (democratic) reform of the institutional side.

Suggested Citation

  • Zoltán Nadobán, 2023. "A snapshot of the EU’s capitalist diversity between the two recent major economic crises," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 20(1), pages 131-158, June.
    • Handle: RePEc:liu:liucej:v:20:y:2023:i:1:p:131-158
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    References listed on IDEAS

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    1. Mattias Vermeiren, 2017. "One-size-fits-some! Capitalist diversity, sectoral interests and monetary policy in the euro area," Review of International Political Economy, Taylor & Francis Journals, vol. 24(6), pages 929-957, November.
    2. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
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    More about this item

    Keywords

    Varieties of capitalism; Growth regime; European Union; Cluster analysis;
    All these keywords.

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General

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