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Varieties of Capitalism and Sustainable Development: Institutional Complementarity Dynamics or Radical Change in the Hierarchy of Institutions?

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  • Eric Magnin

Abstract

Sustainable development prospects are not substantially visible in the comparative analysis of models of capitalism. The concept of sustainable development does not appear in the initial theoretical framework of the “variety of capitalism” approach or in the “diversity of capitalism” approach. This article aims to contribute to current thinking about the interaction between the diversity of capitalism and sustainable development, based on the concepts of institutional complementarity and hierarchy, and to question the dynamics of various forms of capitalism in this perspective. The example of economic policies aimed at tackling global warming shows how each form of capitalism adopts measures that are compatible with its own unique configuration of complementary institutions, helping to make it “greener.” However, this trend fits into a dynamic of “limited sustainability” that does not challenge the finance-dominated institutional hierarchy or the current growth regime. The non-viability of our production/consumption model on a global scale calls for a more radical change in capitalism, combined with a shift in the institutional hierarchy.

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  • Eric Magnin, 2018. "Varieties of Capitalism and Sustainable Development: Institutional Complementarity Dynamics or Radical Change in the Hierarchy of Institutions?," Journal of Economic Issues, Taylor & Francis Journals, vol. 52(4), pages 1143-1158, October.
    • Handle: RePEc:mes:jeciss:v:52:y:2018:i:4:p:1143-1158
    DOI: 10.1080/00213624.2018.1536017
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    Cited by:

    1. Dirk Schoenmaker & Hans Stegeman, 2023. "Can the Market Economy Deal with Sustainability?," De Economist, Springer, vol. 171(1), pages 25-49, March.
    2. Smita Srinivas, 2023. "When is industry ‘sustainable’? The economics of institutional variety in a pandemic," Review of Evolutionary Political Economy, Springer, vol. 4(1), pages 75-107, April.
    3. Loewen, Bradley, 2022. "Revitalizing varieties of capitalism for sustainability transitions research: Review, critique and way forward," Renewable and Sustainable Energy Reviews, Elsevier, vol. 162(C).
    4. Bournakis, Ioannis & Rizov, Marian & Christopoulos, Dimitris, 2021. "Revisiting the Economic Performance and Institutions Debate in SSA Countries: The Role of Legal Origins in the Context of Ethnic Heterogeneity," MPRA Paper 106557, University Library of Munich, Germany.
    5. Benevolenski Vladimir & Ivanova Natalya & Jakobson Lev, 2023. "Social Origins Theory: Untapped Potential and the Test by the Pandemic Crisis," Nonprofit Policy Forum, De Gruyter, vol. 14(4), pages 317-344, October.
    6. Bournakis, Ioannis & Rizov, Marian & Christopoulos, Dimitris, 2023. "Revisiting the effect of institutions on the economic performance of SSA countries: Do legal origins matter in the context of ethnic heterogeneity?," Economic Modelling, Elsevier, vol. 125(C).

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