The European Journal of Comparative Economics

ISSN: 1824-2979

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EJCE Year: 2023, June. Volume: 20 - Issue: 1

A snapshot of the EU’s capitalist diversity between the two recent major economic crises

by Zoltán Nadobán

Start page: 131 - End page: 158

Keywords: Varieties of capitalism, Growth regime, European Union, Cluster analysis

Jel code: C38; P50

DOI: 10.25428/1824-2979/017

Abstract:

This article carries on the research agenda of mapping EU’s capitalist diversity by taking an up-to-date snapshot of capitalist types regarding the period between two recent major crises (2014-2019). During the update the research framework has been further improved with more relevant indicators, a further expanded Amablian framework concerning the institutional side, and a coupling with the demand side which was conceptualized by the growth regimes theory. Results of the cluster analyses confirm the persistence of capitalist division with the two clusters of southern and eastern member states separating the most while the countries belonging to the core region are mixing during cluster formation. The article shares the view that capitalist types should be evaluated from a boarder perspective (a competitiveness point of view along economic, social, institutional upgrading channels and dependency perspective). Overall results re-confirm the existence of peripheral capitalist models, whose catching up ability and sustainability are doubtful as they are characterized by permanent resource outflows that could not be solved without a (democratic) reform of the institutional side.

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