Why does Uber have become the main way of transportation in New York but not in Berlin? Why do the Nordic countries have the highest scores in the happiness index? Why have the German cars constituted a main focus in Donald Trump’s ‘trade wars’? Is it possible to say that all BRICS countries are adopting similar capitalist structures?
This lecture discusses the ‘varieties’ of capitalism leading to distinct socioeconomic structures in different nation states. It argues that rather than one standardised system of neoliberal capitalism, the capitalist regimes have varied across countries because of their domestic institutional structures and local political alliances. These differences, moreover, did not disappear with economic and cultural globalisation but have changed their form, and hence have persisted in the aftermath of globalisation. In this regard, the lecture will first explain the institutional structures that have led to different capitalist models in advanced industrialised countries. Furthermore, it will elaborate the historical and political origins of institutions in different capitalist models. It will also discuss the critique of the institutionalist approach, where the focus will be on the arguments about the local and global pressures for ‘institutional change’ and institutions’ ‘convergence’. Last, it will discuss whether and to what extent these models can explain the socioeconomic structures in later industrialising countries.
This lecture was recorded on 20th November, 2018 at Sidgwick Site, University of Cambridge.
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