Abstract
This chapter develops a research programme for comparing different stages of capitalism, using a fundamental juxtaposition of liberal and organised phases of capitalism. Departing from historically comparative theories of capitalism, we sketch a heuristic model that draws especially on Polanyi’s pendulum and theories of organised capitalism. In our view, the current crisis of liberal financialised capitalism as well as state capitalism in emerging economies are indicative of a new stage of organized capitalism. Our model allows us to put many contemporary developments into their place, such as the emergence of economic patriotism in Western capitalism, state-capitalist economic systems in Eastern Europe, growing concerns about corruption, opposition to supranational liberal institutions such as the EU and the rise of state-permeated capitalism in emerging markets.
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This prediction is even more prominent in the public pronouncements of leading Keynesian economists like Paul Krugman and Robert Stiglitz; see Konings (2009, p. 109).
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Empirical studies of organised capitalism have been conducted by historians such as Jürgen Kocka, Hans-Ulrich Wehler, and Heinrich August Winkler; see Winkler (1974).
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Nölke, A., May, C. (2019). Liberal Versus Organised Capitalism: A Historical-Comparative Perspective. In: Gerőcs, T., Szanyi, M. (eds) Market Liberalism and Economic Patriotism in the Capitalist World-System. International Political Economy Series. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-05186-0_3
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