Pro-cyclical fiscal policy is considered harmful. Nonetheless, pro-cyclicality is widespread and the cyclicality of fiscal policy isstrongly heterogenous in advanced economies. This paper investigates how differences in the cyclicality of fiscal policy can be understood through the lens of...

This paper investigates the impact of different varieties of capitalism (VoC) on societal happiness. It begins with a critique of Neoclassical welfare economics which emphasizes Pareto optimality, and it argues for focusing on reported societal happiness. The paper identifies five VoC. Using a...

We analyze the dynamics of mergers and acquisitions (M&A) in the United States (US) and Germany in the 2000s, drawing on the Varieties of Capitalism (VoC) framework and the concept of internal capitalist diversity. Using SDC Platinum transaction data from 2000 to 2023 and qualitative insights...

Despite being one of the world's major internationally traded services, tourism remains neglected within debates on European integration and growth models. We highlight the rise of tourism-led growth in southern Europe and argue that the process of European integration has been a double-edged...

Economic integration and globalization are expected to promote economic growth and convergence. This article offers a comparative analysis of the pace of development in terms of GDP per capita in 79 economies from 1970 to 2019. Usually, economic convergence literature aims to establish whether...

This study contributes to the literature on political business cycles by assessing the effect of elections on growth expectations based on expert survey data instead of using actual performance data. We analyze the different roles opportunistic and partisan politics play in varieties of...

Pro-cyclical fiscal policy is considered harmful. Nonetheless, pro-cyclicality is widespread and the cyclicality of fiscal policy isstrongly heterogenous in advanced economies. This paper investigates how differences in the cyclicality of fiscal policy can be understood through the lens of...

China has created a distinct economic system. Yet despite a growing literature with valuable contributions on the institutional arrangements under 'capitalism with Chinese characteristics', the precise economic mechanisms underpinning China's state-market relations remain undertheorised. In this...

We ask why working hours in the rich world have not declined more sharply or even risen at times since the early 1980s, despite a steady increase in productivity, and why they vary so much across rich countries. We use an internationally comparable database on working hours (Bick et al., 2019)...

We ask why working hours in the rich world have not declined more sharply or even risen at times since the early 1980s, despite a steady increase in productivity, and why they vary so much across rich countries. We use an internationally comparable database on working hours (Bick et al., 2019)...

Disenchantment with global finance in Central-Eastern Europe enabled financial nationalism to emerge as a counter-hegemonic strategy. In Hungary, Prime Minister Orbán put forth his explicit aim to increase domestic ownership in banking to over 50% and legitimized the ensuing re-nationalization...

One view in the literature is that the East Asian economic model is superior to other models in the Global South (i.e. in the developing world), at least in terms of catch-up development and possibly even in innovations beyond the technological frontier. Unlike economic models in Latin America...

We analyze the dynamics of mergers and acquisitions (M&A) in the United States (US) and Germany in the 2000s, drawing on the Varieties of Capitalism (VoC) framework and the concept of internal capitalist diversity. Using SDC Platinum transaction data from 2000 to 2023 and qualitative insights...

This paper investigates the impact of different varieties of capitalism (VoC) on societal happiness. It begins with a critique of Neoclassical welfare economics which emphasizes Pareto optimality, and it argues for focusing on reported societal happiness. The paper identifies five VoC. Using a...

'This study explores the relative strength of public policies promoting advanced manufacturing by comparing the government programs and capacities of two world leaders in science and technology: the USA and Germany. Based on insights from 'varieties-of-capitalism' literature and using process...

This Element reviews varieties of capitalism (VoC) developed by Hall and Soskice and subsequent extensions to emerging markets. The author suggests that by reinvigorating existing ideal types and creating new ones through an analysis of its five variables in a variety of countries VoC can be...

The varieties-of-capitalism (VoC) approach distinguishes liberal market economies (LMEs) such as the USA and coordinated market economies (CMEs) such as Germany based on institutional differences in terms of corporate governance, industrial relations, company relations as well as education and...

The varieties-of-capitalism (VoC) approach distinguishes liberal market economies (LMEs) such as the USA and coordinated market economies (CMEs) such as Germany based on institutional differences in terms of corporate governance, industrial relations, company relations as well as education and...

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...

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...