Abstract
The aim of this book is to open comparative capitalism (CC) research to diverse and critical approaches that examine capitalist diversity and, importantly, examine it in contexts beyond the Triad (i.e. Europe, USA and Japan). It is a timely effort when the current crisis of capitalism is challenging established frameworks, both politically and academically. Setting a research agenda, the book raises questions about the very purpose of CC research: is it to explain national economic performance and competitive advantage through an apolitical, institutionalist and firm-centred approach, or is it to explain similarities and differences in capitalism through a focus on inequalities and class struggles that underpin institutions? It transcends debates dominated by the Varieties of Capitalism (VoC) approach which explained different models of capitalism through the role of institutions in shaping the behaviour of economic actors and the coordination of economic activity by firms (Hall and Soskice, 2001).
The book is organized in three parts. Part 1 provides an overview of the key debates and new directions in CC research. Part 2 discusses the critical theoretical approaches. Part 3 provides a global perspective by covering regions not generally covered under CC research. The contributions are set up as a dialogue between the (now mainstream) post-VoC institutionalist approach and critical perspectives on capitalist diversity, especially in Part 2. The post-VoC approach retains the analytical focus on institutions of the original VoC framework, albeit with a more nuanced understanding of institutions, political economic dynamics and transnational interrelations among different models of capitalism. Thus, May and Nölke argue for a critical institutionalism, amalgamating institutionalism with critical social theory. Critical perspectives (Marxist, feminist, postcolonial/decolonial), however, privilege class, gender and other inequalities and struggles to challenge and/or reorient the very basis of CC research.
It is in the contributions from critical perspectives that the book, and its purpose, is at its most vibrant. Drawing upon Marxian political economy, Jessop presents ‘variegated capitalism’ or varieties in capitalism as a conceptual alternative both to VoC and to a narrow emphasis on capitalism as a single integrated mode of production, while McDonough reiterates the relevance of Social Structures of Accumulation, emphasizing variation across time as well as space. Coates argues for a realignment of left institutionalism (i.e. historical and discursive rather than a rational-choice one), with a Marxist analysis of trends and processes operating below the institutions to explain capitalist diversity.
Long-standing feminist critiques about the neglect of power asymmetries in gender relations in most analyses inform Lux and Wöhl’s contribution. Arguing for social reproduction and gender inequalities as constitutive of capitalism, they show how gender regimes and gendered impact of capitalism differ across France and Spain. This is particularly relevant to the South where women disproportionately bear the cost of capitalism, for example during the imposition of structural adjustment programmes.
The novelty of the book comes from the postcolonial/decolonial and dependency perspectives articulated in Part 3. Rich in empirical detail and seeking a fundamental reorientation of the CC field, this part opens CC research to the ‘rest’ of the world. Challenging the Eurocentric and Orientalist orientation of CC research, these studies emphasize colonialism, centre–periphery relations and relations of dominance and dependency as constitutive of capitalist expansion and accumulation (Wehr; Arinci et al.). Gáitan and Boschi highlight the specific role of the state in particular capitalisms of the South using examples from Latin America. Significantly, Tilley reconnects the critique of colonialism with material inequalities to focus attention on metropolitan–rural relations of exploitation as constitutive of capitalism in East Asia and other regions.
The strength of the book lies in its intellectual and interdisciplinary engagement. It has achieved its stated purpose to showcase selected parts of the wide diversity of approaches to capitalist diversity. Through its articulation of the relevance of social reproduction, postcolonial/decolonial perspective and rural–urban links to any analysis of capitalism, the book is genuinely global in its theoretical and geographical orientation. Though published in Palgrave’s International Political Economy Series, it is relevant for work and employment scholars in that it addresses a long-standing critique that power and conflict at work are neglected in the CC approach. At the same time, the book also highlights the need for a greater sensitivity to institutions as arenas of struggle in researching work and employment.
Still, relatively short chapters give but a taster. More details on how the workplace connects to institutions and the wider capitalist system analytically would have helped. Most importantly, the informal economy is conspicuous by its absence, which is surprising considering its significance in size and to capitalist development in various spatial and development contexts. The interlinkages between the formal and the informal economy are vital for understanding capitalism, labour and various struggles for emancipation. These criticisms aside, the book is relevant for those interested in capitalism and the world of work, be it from an institutionalist, post-structuralist or class analysis perspective.