The evolution of economic systems: varieties of capitalism in the global economy

Abstract

Barry Clark’s new textbook provides an introduction to the field of comparative economic systems. The book pursues two main analytical and educational purposes. First, it aims to equip students with a thorough understanding of the historical evolution and functioning of different national economic systems. Second, it seeks to offer guidance in assessing the performance of these systems. Clark’s book is a timely reminder of the continued importance of comparative economic systems as a field of study, despite the end of the Cold War. Indeed, the lack of convergence toward a single type of democratic capitalism has given rise to a number of challenging questions: What are the different kinds of national economic systems that exist around the world today? Why has convergence not occurred, and what explains the contemporary variation in economic systems? Why do some national economies succeed while others fail, and what criteria should be used to assess their effectiveness?