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Liberal Versus Organised Capitalism: A Historical-Comparative Perspective

  • Andreas NölkeEmail author
  • Christian May
Chapter
Part of the International Political Economy Series book series (IPES)

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.

Keywords

Capitalism State capitalism Liberal capitalism Organised capitalism Financialisation Comparative capitalisms Institutions 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Goethe-Universität Frankfurt Fachbereich Gesellschaftswissenschaften, Institut für Politikwissenschaft PEG-GebäudeFrankfurt am MainGermany
  2. 2.Goethe-University Frankfurt am MainFrankfurt am MainGermany

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