Varieties of capitalismthe importance of political and social choices
- Almond, Phil
- González Menéndez, María del Carmen
ISSN: 1024-2589
Year of publication: 2006
Volume: 12
Issue: 3
Pages: 407-425
Type: Article
More publications in: Transfer: European Review of Labour and Research
Sustainable development goals
Abstract
This paper examines the influential Varieties of Capitalism argument (Hall and Soskice 2001) that economies tend to one of two forms of capitalism - liberal market and coordinated market economies - with different employment policies being conducive to economic success in each. An analysis of the relationship between financial and labour market systems suggests that the links between the two operate in a less deterministic way than is suggested by Hall and Soskice. This suggests that industrial relations actors are not prisoners of coordinated or liberal systems, and that political choice retains a significant role in changes to employment systems.