Capitalist Alternatives: Models, Taxonomies, Scenarios (Routledge Advances in International Political Economy)

The book's objective is to explore the challenge of thinking methodically - in a theoretically and empirically informed way - about alternative forms of capitalism. What are the most effective ways to conceptualize the existing models of capitalism that have captured the public imagination and are currently floating around in the public debate? How can one mobilize empirical analysis and theory in thinking about the realm of possibilities and about the future of economic order, but avoid the twin perils of scientism and historicism? This book is an attempt to respond to these and related challenges. First, it delves into the substantive aspect of the debate, taking a closer look at a set of particular forms and models of capitalism that are currently discussed both in mass media and in academic circles as plausible, or at least possible, alternatives to the status quo: Crony, State, Regulatory, and Entrepreneurial Capitalisms. By elaborating and clarifying those models, it engages in a heuristic exercise that leads to a better understanding of the task of conceptualizing and assessing, in a theoretically informed way, the diversity of forms of capitalism. Second, the book takes a step further, looking at the epistemic, theoretical and methodological dimensions of the discussion: What is involved, more precisely, in our classifying and theorizing of capitalist systems and their historical evolution? What is the epistemic basis for building plausible conjectures about the future evolution of an economic system? What are the logical and methodological parameters of our endeavors that deal with economic systems, or with the problem of continuity and change in comparative economic systems? Offering an original approach to the problem of alternative forms of capitalism, this book will be of great interest to scholars working in the field of comparative political economy. Cover 1 Half Title 2 Title Page 6 Copyright Page 7 Table of Contents 8 List of figures 11 List of tables 12 Preface 13 Acknowledgments 17 Part I Microeconomics, institutions, and ideas 20 Introduction to Part I 22 1 State capitalism 27 1.1 Introduction 27 1.2 The problem 28 1.3 State capitalism and geo-economics: an overview 30 1.4 State capitalism through the classic comparative economic systems criteria framework 33 1.5 Mercantilism and state capitalism 38 1.6 Rent-seeking systems: similarities and analogies 42 1.7 Rent-seeking systems: some implications 46 1.8 Conclusions 49 2 Crony capitalism 50 2.1 Introduction 50 2.2 Cronyism in the literature: a tentative taxonomy 51 2.3 The rent-seeking society: the basic microeconomic foundation 54 2.4 Crony capitalism from a structural perspective 58 2.5 Crony capitalism from an ideological perspective 62 2.6 Conclusions 67 3 Regulatory capitalism 69 3.1 Introduction 69 3.2 A cross-country comparative look at the dynamics of OECD countries 73 3.3 Explaining the “freer markets, more rules” puzzle 83 3.3.1 Regulatory capture and regulatory arbitrage 84 3.3.2 The independent regulatory agencies dilemma 87 3.3.3 The role of ideas 90 3.3.4 Putting all the pieces together 92 3.4 The normative angle 94 4 Entrepreneurial capitalism 97 4.1 Introduction 97 4.2 The Schumpeterian benchmark 102 4.3 Entrepreneurship and the theory of the market process 105 4.3.1 Entrepreneurship as speculation 106 4.3.2 Entrepreneurship as leadership 110 4.4 Networks: the institutions for sustainable disequilibrium 113 4.4.1 Corporate management, public administration, and social change 113 4.4.2 Social entrepreneurship in the networked economy 117 4.5 Political entrepreneurship and crony capitalism in information societies 119 4.6 Ideological facets 125 4.7 Conclusions 129 Part II Epistemic frameworks and perspectives 130 Introduction to Part II 132 5 Typologies and taxonomies in comparative economic systems 135 5.1 Introduction 135 5.2 Building typologies: variables and combinatorial analysis 136 5.3 Building taxonomies 144 5.3.1 Functional reduction 146 5.3.2 Pattern analysis by k-means clustering 156 5.3.3 Hierarchical cluster analysis 160 5.4 Using taxonomies to evaluate outcomes 161 5.5 The difficult problem of social ontology 168 6 Stages, continuity, and change in comparative and historical political economy 171 6.1 Introduction 171 6.2 Revisiting stages theories 173 6.3 Non-deterministic historical transitions 176 6.4 Transition mechanisms 178 6.5 Continuity and change in political economy and economic history 181 6.5.1 Simon Kuznets: the role of historical, technical, and social innovations 182 6.5.2 Douglass North: the limits of the neoclassical model 186 6.5.3 Alexander Gerschenkron: a closer look at the conceptual problems 187 6.6 Critical junctures, scenarios, and counterfactuals 189 6.7 Conclusions 192 7 Possible futures: thought experiments and scenarios in political economy 193 7.1 Introduction 193 7.2 Limited diversity, thought experiments, and comparative analysis 194 7.3 Epistemic challenges of scenario-building 198 7.4 Scenarios, thought experiments, and the growth of knowledge 200 7.5 The diversity of approaches 203 7.6 Analytic narratives and scenario-building 205 7.7 Conclusions 211 Conclusions 212 References 213 Index 226 The Book's Objective Is To Explore Some Basic Aspects Of Our Approaches And Ways Of Thinking About Alternative Forms Of Capitalism. What Are The Most Effective Ways To Conceptualize And Further Elaborate The Existing Models Of Capitalism That Have Captured The Public Imagination And Are Currently Floating Around In The Public Debate? How Can One Mobilize Empirical Analysis And Theory In Thinking About The Realm Of Possibilities And About The Future Of Economic Order, But Avoid The Twin Perils Of Scientism And Historicism? This Book Is An Attempt To Respond To Some Of These Challenges. First, It Delves Into The Substantive Aspect Of The Debate, Taking A Closer Look At A Set Of Particular Forms And Models Of Capitalism That Are Currently Discussed Both In Mass Media And In Academic Debates As Plausible, Or At Least Possible, Alternatives To The Status Quo: Crony, State, Regulatory And Entrepreneurial Capitalisms. By Elaborating And Clarifying Those Models, It Engages In A Heuristic Exercise That Leads To A Better Understanding Of The Task Of Conceptualizing, Examining And Assessing, In A Theoretically Informed Way, The Diversity Of Forms Of Capitalism. Second, The Book Takes A Step Further, Looking At The Epistemic-theoretical-methodological Dimensions Of The Discussion: What Is Involved, More Precisely, In Our Classifying And Theorizing Capitalist Systems And Their Historical Evolution? What Is The Epistemic And Methodological Basis For Building Plausible Conjectures About The Future Evolution Of An Economic System? What Are The Logical And Methodological Parameters Of Our Endeavors That Deal With Economic Systems, Or With The Problem Of Continuity And Change In Comparative Economic Systems? Offering An Original Approach To The Problem Of Taxonomies Of Capitalism This Book Will Be Of Great Interest To Scholars Working In The Field Of Comparative Political Economy-- Offering An Original Approach To The Problem Of Taxonomies Of Capitalism This Book Will Be Of Great Interest To Scholars Working In The Field Of Comparative Political Economy-- State Capitalism -- Crony Capitalism -- Regulatory Capitalism -- Entrepreneurial Capitalism -- Typologies And Taxonomies In Comparative Economic Systems -- Stages, Continuity, And Change In Comparative And Historical Political Economy -- Possible Futures : Thought Experiments And Scenarios In Political Economy. Paul Dragos Aligica And Vlad Tarko. Includes Bibliographical References (pages 194-206) And Index. "The book's objective is to explore some basic aspects of our approaches and ways of thinking about alternative forms of capitalism. What are the most effective ways to conceptualize and further elaborate the existing models of capitalism that have captured the public imagination and are currently floating around in the public debate? How can one mobilize empirical analysis and theory in thinking about the realm of possibilities and about the future of economic order, but avoid the twin perils of scientism and historicism? This book is an attempt to respond to some of these challenges. First, it delves into the substantive aspect of the debate, taking a closer look at a set of particular forms and models of capitalism that are currently discussed both in mass media and in academic debates as plausible, or at least possible, alternatives to the status quo: Crony, State, Regulatory and Entrepreneurial Capitalisms. By elaborating and clarifying those models, it engages in a heuristic exercise that leads to a better understanding of the task of conceptualizing, examining and assessing, in a theoretically informed way, the diversity of forms of capitalism. Second, the book takes a step further, looking at the epistemic-theoretical-methodological dimensions of the discussion: What is involved, more precisely, in our classifying and theorizing capitalist systems and their historical evolution? What is the epistemic and methodological basis for building plausible conjectures about the future evolution of an economic system? What are the logical and methodological parameters of our endeavors that deal with economic systems, or with the problem of continuity and change in comparative economic systems? Offering an original approach to the problem of taxonomies of capitalism this book will be of great interest to scholars working in the field of comparative political economy"-- Provided by publisher The global economic turbulence induced by the unprecedented US and EU economic crises, the rise of the BRICs "emerging economies" and the challenges they bring to the global arena and the uncertainties of the global economic governance system have all stimulated fresh and important questions regarding the nature and future of the global economy.