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European Integration, Capitalist Diversity and Crises Trajectories on Europe’s Eastern Periphery

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  • Dorothee Bohle

Abstract

European policy responses to the Global Financial Crisis and its European manifestation have set off a scholarly debate whether different national varieties of capitalism are equally able to cope with deepened European integration. To date, this debate has mostly focused on the contrasting fates of the thriving northern export-oriented capitalisms and the ailing southern European ones. This paper seeks to broaden the debate by focusing on Europe’s Eastern periphery. It argues that a combination of domestic transformation strategies and the EU’s accession policies resulted in two different growth regimes on Europe’s Eastern periphery: a dependent export-driven in the Visegrád countries and a dependent debt-driven in the Baltic States. On the basis of the pre- and post-crisis trajectories of these two growth models, this paper finds that because East Central European capitalisms were profoundly shaped by EU integration, they are on balance also more compatible with deepened integration than Southern European capitalisms.

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  • Dorothee Bohle, 2018. "European Integration, Capitalist Diversity and Crises Trajectories on Europe’s Eastern Periphery," New Political Economy, Taylor & Francis Journals, vol. 23(2), pages 239-253, March.
    • Handle: RePEc:taf:cnpexx:v:23:y:2018:i:2:p:239-253
    DOI: 10.1080/13563467.2017.1370448
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    Cited by:

    1. Kapeller, Jakob & Gräbner, Claudius & Heimberger, Philipp, 2019. "Economic polarisation in Europe: Causes and policy options," ifso working paper series 5, University of Duisburg-Essen, Institute for Socioeconomics (ifso).
    2. Claudius Gräbner & Philipp Heimberger & Jakob Kapeller & Bernhard Schütz, 2020. "Structural change in times of increasing openness: assessing path dependency in European economic integration," Journal of Evolutionary Economics, Springer, vol. 30(5), pages 1467-1495, November.
    3. Lechowski, Grzegorz, 2019. "Beyond "dependent development" in a high-tech industry? The interplay between domestic institutions and transnational sectoral governance in the trajectories of emerging Polish IT firms [," Discussion Papers, Research Group Globalization, Work, and Production SP III 2018-302r, WZB Berlin Social Science Center, revised 2019.
    4. Soyyiğit Semanur & Michalski Bartosz, 2022. "The Economic Complexity of the Visegrád Countries and the Role of Trade with Germany," Central European Economic Journal, Sciendo, vol. 9(56), pages 219-236, January.
    5. Csontos, Tamás Tibor, 2023. "A magyar felzárkózási modell ágazati alapú, regionális és időbeli összehasonlító elemzése [Sectoral comparative analysis of the Hungarian catching-up model]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 167-191.
    6. Benjamin Jungmann, 2023. "Growth drivers in emerging capitalist economies: building blocks for a post-Keynesian analysis and an empirical exploration of the years before and after the Global Financial Crisis," Review of Evolutionary Political Economy, Springer, vol. 4(2), pages 349-386, July.
    7. Amat Adarov & David Klenert & Robert Marschinski & Robert Stehrer, 2020. "Productivity Drivers: Empirical Evidence on the Role of Digital Capital, FDI and Integration," JRC Research Reports JRC122068, Joint Research Centre.
    8. Mathias Lund Larsen, 2022. "Driving Global Convergence in Green Financial Policies: China as Policy Pioneer and the EU as Standard Setter," Global Policy, London School of Economics and Political Science, vol. 13(3), pages 358-370, June.
    9. Angela Wigger, 2023. "The New EU Industrial Policy and Deepening Structural Asymmetries: Smart Specialisation Not So Smart," Journal of Common Market Studies, Wiley Blackwell, vol. 61(1), pages 20-37, January.
    10. Karsten Kohler & Engelbert Stockhammer, 2022. "Growing differently? Financial cycles, austerity, and competitiveness in growth models since the Global Financial Crisis," Review of International Political Economy, Taylor & Francis Journals, vol. 29(4), pages 1314-1341, July.
    11. Aaron Z. Pitluck & Fabio Mattioli & Daniel Souleles, 2018. "Finance beyond function: Three causal explanations for financialization," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 157-171, June.
    12. Mathias Lund Larsen, 2023. "Bottom-up market-facilitation and top-down market-steering: comparing and conceptualizing green finance approaches in the EU and China," Asia Europe Journal, Springer, vol. 21(1), pages 61-80, March.
    13. Güngen, Ali Rıza & Akçay, Ümit, 2023. "Growth models, power blocs and authoritarianisms in Turkey and Egypt in the 21st century," IPE Working Papers 206/2023, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    14. Grodzicki, Maciej J. & Możdżeń, Michał, 2021. "Central and Eastern European economies in a Goldilocks age: A model of labor market institutional choice," Economic Modelling, Elsevier, vol. 104(C).
    15. Ian Bruff, 2021. "The politics of comparing capitalisms," Environment and Planning A, , vol. 53(6), pages 1273-1292, September.
    16. Spielberger, Lukas & Voss, Dustin, 2022. "Financial adjustment as a driver of growth model change: a balance-sheet approach to comparative political economy," LSE Research Online Documents on Economics 116034, London School of Economics and Political Science, LSE Library.
    17. Yulia Loktionova & Artem Smirnov & Zeynab Giyasova & Larisa Kondratenko & Ilia Aksenov, 2023. "European Single Market: Evolution and Modern Challenges," Journal of Common Market Studies, Wiley Blackwell, vol. 61(1), pages 95-107, January.
    18. Woodgate, Ryan, 2021. "Multinational corporations and commercialised states: Can state aid serve as the basis for an FDI-driven growth strategy?," IPE Working Papers 161/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    19. Akcay, Ümit & Hein, Eckhard & Jungmann, Benjamin, 2021. "Financialisation and macroeconomic regimes in emerging capitalist economies before and after the Great Recession," IPE Working Papers 158/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    20. Szunomár, Ágnes & Lima da Frota Araujo, Carlos Raul, 2022. "Kelet-Közép-Európa a digitális selyemúton? Lehetséges politikai gazdaságtani magyarázatok [Central and Eastern Europe on the Digital Silk Road? Possible political economic explanations]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 367-388.
    21. Liagouras, George, 2018. "On the Edge of the South European Model: Familism, Business and State in Greece," OSF Preprints 8eqmb, Center for Open Science.

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