Neoliberalism and deregulation have come to dominate national and international political economy. This major book addresses this convergence and analyzes the implications for the future of capitalist diversity. It considers important questions such as: Is the preference for free markets a well-founded response to intensified global competition? Does this mean that all advanced societies must all converge on an imitation of the United States? What are the implications for the institutional diversity of the advanced economies? Political Economy of Modern Capitalism provides a practical and informed analysis of the public policy choices facing governments and business around the world.

A Check to Enlightened Capitalism

A check to enlightened capitalism

Even in thosecountries most attached to a narrow conception of free enterprise and the market economy, institutions and attitudes temper their ascendancy. Experience of the damage done in the name of laissez-faire, which marked the nineteenth century, everywhere prompted various forms of socialization of the economy with the aim of removing innumerable aspects of its functioning in a strictly market perspective (Polanyi, 1983). So it is that whatever major capitalist economy one cares to take, with neither labour, nor housing, nor health, nor agricultural produce does a truly free market operate. And each country, in keeping with its particular social and political traditions, has devised specific ways of overseeing the market through the agency of government, ...

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