Journal Article

A neorealist approach to institutional change and the diversity of capitalism

Bruno Amable and Stefano Palombarini

in Socio-Economic Review

Published on behalf of Society for the Advancement of Socio-Economics

Volume 7, issue 1, pages 123-143
Published in print January 2009 | ISSN: 1475-1461
Published online October 2008 | e-ISSN: 1475-147X | DOI: http://dx.doi.org/10.1093/ser/mwn018
A neorealist approach to institutional change and the diversity of capitalism

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This article proposes a theoretical approach to the political economy of institutional change and comparative capitalism. It argues that the firm-based approach of the Varieties of Capitalism literature cannot satisfactorily integrate the political aspects of institutional change and must in one way or another rely on some type of economic functionalism. By linking explicitly political strategies and demands for institutional change, a neorealist approach can exploit the concepts of complementarity and hierarchy of institutions. Different types of institutional change may take place in situations of political equilibrium, political crisis or systemic crisis.

Keywords: Capitalism; varieties of; institutional change; institutional complementarity; institutional political economy; political economy; B52 current heterodox approaches: institutional; evolutionary

Journal Article.  8565 words. 

Subjects: Moral Philosophy ; Corporate Social Responsibility ; Welfare Economics ; Political Economy ; Economic Sociology

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