Models of capitalism and comparative political economy: institutions, performance, and the german and japanese responses to recent challenges

This article explores the institutional differences between various types of capitalism, emphasizing some of the implications for the key topics in political economy. The central argument is that there are significant differences between liberal capitalism, basically regulated via the market and hierarchies (corporations), and coordinated capitalism, in which forms of regulation via networks assume major importance. International changes in recent years have placed coordinated capitalism on the defensive. Contrasting the forces of change with sources of resistance, the article explores the attempts by Japan and Germany to tackle the challenge. Despite the changes, the distinction between models of capitalism remains relevant.

models of capitalism; comparative political economy; Japan and Germany