Varieties of Capitalism: The Institutional Foundations of Comparative Advantage

TLDR

National economies differ in key ways, and globalization raises questions about convergence toward an Anglo‑American model and the underlying causes of these differences. The study proposes a novel framework to investigate national economic differences. The analysis demonstrates that business activity shapes national economies and that multiple paths can lead to economic success.

Abstract

What are the most important differences among national economies? Is globalization forcing nations to converge on an Anglo-American model? What explains national differences in social and economic policy? This pathbreaking work outlines a new approach to these questions. It highlights the role of business in national economies and shows that there is more than one path to economic success.