Choosing your own capitalism in a globalised world?
Daron Acemoglu, James A Robinson, Thierry Verdier 21 November 2012
Amid the current economic slowdown there is renewed interest in what type of capitalism fosters growth and best improves welfare. This column argues Nordic-style capitalism may provide higher welfare but in an interconnected world, it may be the cut-throat US capitalism, with its extant inequalities, that makes possible the existence of more cuddly Nordic societies.
Against the background of the global financial crisis and the current economic slowdown, there is renewed interest in what type of capitalism is ‘best’ – which fosters growth and/or best improves average welfare in a society.
Global economy Welfare state and social Europe
technology, capitalism, interdependence