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Varieties of capitalism: the importance of political and social choices

Author

Listed:
  • Phil Almond

    (Reader in Human Resource Management at De Montfort University, UK. His research interests are in comparative employment relations, and labour management within multinational corporations.)

  • Maria Gonzalez Menendez

    (Lecturer in Sociology at the University of Oviedo, Spain. Her research interests are in comparative employment relations, worker participation and human resource management.)

Abstract

This paper examines the influential Varieties of Capitalism argument (Hall and Soskice 2001) that economies tend to one of two forms of capitalism - liberal market and coordinated market economies - with different employment policies being conducive to economic success in each. An analysis of the relationship between financial and labour market systems suggests that the links between the two operate in a less deterministic way than is suggested by Hall and Soskice. This suggests that industrial relations actors are not prisoners of coordinated or liberal systems, and that ‘political’ choice retains a significant role in changes to employment systems.

Suggested Citation

  • Phil Almond & Maria Gonzalez Menendez, 2006. "Varieties of capitalism: the importance of political and social choices," Transfer: European Review of Labour and Research, , vol. 12(3), pages 407-425, August.
    • Handle: RePEc:sae:treure:v:12:y:2006:i:3:p:407-425
    DOI: 10.1177/102425890601200309
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    References listed on IDEAS

    as
    1. Hall, Peter A. & Gingerich, Daniel W., 2004. "Varieties of Capitalism and Institutional Complementarities in the Macroeconomy," MPIfG Discussion Paper 04/5, Max Planck Institute for the Study of Societies.
    2. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147.
    3. Crouch, Colin, 2005. "Capitalist Diversity and Change: Recombinant Governance and Institutional Entrepreneurs," OUP Catalogue, Oxford University Press, number 9780199286652.
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