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Abstract ▼ AI-Helper

As the debates on ‘convergence-diversity’ of capitalist model have currently re-emerged in academic fields since 1990s, the ‘Varieties of Capitalism (VOC)’ approach have been paid attentions to as a new paradigm of comparative political economy. Based on the institutionalist theses, such as social e...

As the debates on ‘convergence-diversity’ of capitalist model have currently re-emerged in academic fields since 1990s, the ‘Varieties of Capitalism (VOC)’ approach have been paid attentions to as a new paradigm of comparative political economy. Based on the institutionalist theses, such as social embeddedness of market mechanism, institutional complementarities, and historical specificity of institutions, the VOC approach has rejected convergence of capitalist economies as a false myth and insisted on continuing diversity of capitalist economies in globalization and neo-liberal era. This study aims to examine theoretical frameworks of the VOC approach and subsequent debates on its typology of capitalism models since Hall and Soskice’s work (2001), and to evaluate its analytical weaknesses and problems critically. Although the VOC approach has had considerable strengths and insights in analyzing capitalism, it has failed to acknowledge the financialization tendency as a core factor of contemporary capitalism due to its limitation originated from production regime-centered perspective.

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