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.

The Institutional Embeddedness of American Capitalism

The Institutional Embeddedness of American Capitalism

The institutional embeddedness of American capitalism
J. RogersHollingsworth

This chapter makes several arguments: that contemporary American capitalism must be comprehended in terms of global economic changes; that the distinctive configuration of American capitalism has evolved over a long period and has a logic to its institutional evolution; that the dominant forms of governance of the American economy have been private hierarchies, markets, and the state, with associations being very weak; that variation in governance forms has made for varying performance of industrial sectors over time; that American economic institutions are part of a larger institutional context, and therefore are unlikely to converge with the configuration of capitalism elsewhere; and that the dynamism of American capitalism, with its heavy emphasis on a ...

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