Changes in varieties of capitalism within the OECD between 2010 and 2020

Bartha, Zoltán (2024) Changes in varieties of capitalism within the OECD between 2010 and 2020. INTERNATIONAL JOURNAL OF PUBLIC POLICY, 17 (4). pp. 284-301. ISSN 1740-0600

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Abstract

This study aims to reveal different varieties of capitalism and to uncover new patterns of development that emerged between 2010 and 2020. A hybrid model is applied that quantifies three pillars of development (Future - F, Outside - O, Inside - I) using supply-side and demand-side indicators that measure norms, institutions, and policies. Investigating 34 OECD members, this study describes five varieties of capitalism: traditional, dualistic, government-led, open market-based, and human capital-based models. It is suggested that the most significant cut-off point in the development of OECD economies in this period was along the green growth dimension, where European countries with a tradition in coordinated markets outperform the rest. Using Israel and Estonia as an example, it is also suggested that institutional and policy changes that enhance the quality of governance and make coordination more effective are the way out of the middle-income trap.

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