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Does capitalism (still) come in varieties?

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  • Colin Hay

Abstract

That capitalisms vary and that these capitalisms neatly resolve themselves into distinct and discrete ‘varieties of capitalism’ is an almost foundational claim of contemporary comparative political economy. Yet it is far from evident that it is true. In this article, I return to the varieties conjecture, assessing the degree to which the claim might be warranted. In the process, I argue for the importance of differentiating clearly between ideal types and real types and for the value of heeding Weber’s advice about the dangers of confusing one for the other. I suggest that although capitalisms do not really come in varieties it is sometimes useful to proceed on the basis that they do, particularly if we think of such varieties as potentially dystopic. I suggest that such an acknowledgement is crucial in sensitizing us to the potential biases of varietal thinking, drawing out the implications for the positing of capitalist varieties in the period after the global financial crisis.

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  • Colin Hay, 2020. "Does capitalism (still) come in varieties?," Review of International Political Economy, Taylor & Francis Journals, vol. 27(2), pages 302-319, March.
    • Handle: RePEc:taf:rripxx:v:27:y:2020:i:2:p:302-319
    DOI: 10.1080/09692290.2019.1633382
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    Cited by:

    1. Georgios Maris & Floros Flouros, 2022. "Economic crisis, COVID-19 pandemic, and the Greek model of capitalism," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 469-484, April.
    2. Fichtner, Jan & Heemskerk, Eelke & Petry, Johannes, 2021. "The new gatekeepers of financial claims: States, passive markets, and the growing power of index providers," SocArXiv x45j3, Center for Open Science.
    3. 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).
    4. Ian Bruff, 2021. "The politics of comparing capitalisms," Environment and Planning A, , vol. 53(6), pages 1273-1292, September.
    5. Ferda UZUNYAYLA, 2023. "The Importance of Space in Comparative Capitalism Analyses: A Comparison of Varieties of Capitalism and Variegated Capitalism Approaches," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 73(73-2), pages 811-836, December.
    6. Iftikhar Lodhi, 2021. "Globalisation and public policy: bridging the disciplinary and epistemological boundaries [Which synthesis? Strategies of theoretical integration and the neorealist-neoliberal debate]," Policy and Society, Darryl S. Jarvis and M. Ramesh, vol. 40(4), pages 522-544.
    7. 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.

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