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

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  • Michael Schedelik
  • Andreas Nölke
  • Daniel Mertens
  • Christian May

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 state-permeated 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.

Suggested Citation

  • Michael Schedelik & Andreas Nölke & Daniel Mertens & Christian May, 2021. "Comparative Capitalism, Growth Models and Emerging Markets: The Development of the Field," New Political Economy, Taylor & Francis Journals, vol. 26(4), pages 514-526, July.
    • Handle: RePEc:taf:cnpexx:v:26:y:2021:i:4:p:514-526
    DOI: 10.1080/13563467.2020.1807487
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    Citations

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    Cited by:

    1. Jungmann, Benjamin, 2021. "Growth drivers in emerging capitalist economies before and after the Global Financial Crisis," IPE Working Papers 172/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. 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.
    3. Polterovich, Victor, 2023. "Догоняющее Развитие В Условиях Санкций: Стратегия Позитивного Сотрудничества [Catching-up development under sanctions: the strategy of positive collaboration]," MPRA Paper 117659, University Library of Munich, Germany.
    4. Hein, Eckhard, 2022. "Varieties of demand and growth regimes: Post-Keynesian foundations," IPE Working Papers 196/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    5. Ricz, Judit & Sallai, Dorottya & Sass, Magdolna, 2023. "The role of the state in shaping the internationalization of firms in the twenty-first century," LSE Research Online Documents on Economics 121380, London School of Economics and Political Science, LSE Library.
    6. Mingtang Liu, 2024. "Amplified State Capitalism in China: Overproduction, Industrial Policy and Statist Controversies," Development and Change, International Institute of Social Studies, vol. 55(2), pages 191-218, March.
    7. Schedelik, Michael & Nölke, Andreas & May, Christian & Gomes, Alexandre, 2022. "Dependency revisited: Commodities, commodity-related capital flows and growth models in emerging economies," IPE Working Papers 201/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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