The Rise of the ‘B(R)IC Variety of Capitalism’ - Towards a New Phase of Organized Capitalism?
It is somewhat ironic that scholars of international political economy take inspiration from a 10-year old study by Goldman Sachs. Still, it has become more than obvious that the future face of capitalism will be influenced in fundamental ways by countries such as Brazil, Russia, India or China (BRIC). In order to understand the development of capitalism after neoliberalism/financialization,1 we need to link the study of global regulation - the focus of the previous section of this book - with an investigation into the capitalist developments within these countries. In order to do so, this chapter combines approaches from international political economy with concepts derived from comparative political economy, thereby complementing a historical diachronic perspective on capitalism with a spatial synchronic one. In doing so, it shares the concerns of the notion of ‘variegated capitalism’ (Peck and Theodore 2007; Dixon 2010; Jessop 2011) that is highlighting the commonalities of capitalism besides the specifics of national models. Still, for the purpose of complexity reduction, this analysis is based on rather precise and operational models that have been developed for the analysis of national and inter-temporal variation of capitalism, instead of the rather broad notion of ‘capitalism in the singular, but more importantly as a dynamic polymorphic process whose development is uneven and “variegated”’ (Dixon 2010: 5).
KeywordsForeign Direct Investment Corporate Governance Industrial Relation Competition Policy Minority Shareholder
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