This volume broadens the scope of 'comparative capitalism' within the Varieties of Capitalism (VoC) tradition. It endorses the employment of multiple perspectives, including critical political economy, institutionalist systems of capitalism, structuralist-dependency scholarship and world-systems theory. The contributors deal with the theory of economic patriotism in a conceptual framework, as well as case studies regarding rent-seeking behaviour, the patronage state in Hungary and Poland, the conflict between national regulation and the European legal framework and the perspective of wage relations in the European institutional framework. The book concludes with the legacy of developmentalism and dirigisme in a core-periphery relation, based on the French state and a range of non-European cases including Iran, Brazil and Egypt.

This volume is the continuation of our research on economic and developmental policy-making in the global semi-periphery in the post-crisis cycle (see our two recently published volumes titled ‘Market-Liberalism and Economic Patriotism in Capitalist Systems’ edited by Gerőcs and Szanyi, 2019, Palgrave Macmillan and ‘The Post-Crisis Developmental State – Perspectives from the Global Periphery’ edited by Gerőcs and Ricz, 2021). Our new volume aims to be a contribution to the analysis of emerging market economies’ alternative development trajectories, as we explore the new perspectives on semi-peripheral dependent development since the Global Financial Crisis and especially amidst the new global pandemic, the COVID-19. The scope of comparative capitalism research has also been altered accordingly to include the analysis of emerging economies outside the core of the world system, and to make intertemporal comparisons possible (such as to define and characterise historical waves of state capitalism). Still, we are convinced that to better understand the current wave of state capitalism and to explore its national varieties there is a need to critically reconsider existing theoretical approaches and methodologies, and to search for new ones, if necessary. This book aims to be a contribution to the analysis of emerging market economies' alternative development trajectories and explores new perspectives on semi-peripheral dependent development, especially amidst COVID-19.

Political economy debates have focused on the internationalisation of private capital, but foreign states increasingly enter domestic markets as financial investors. How do policy makers in recipient countries react? Do they treat purchases as a threat and impose restrictions or see them as beneficial and welcome them? What are the wider implications for debates about state capacities to govern domestic economies in the face of internationalisation of financial markets? In response, Foreign States in Domestic Markets have developed the concept of 'internationalised statism', where governments welcome the use of foreign state investments to govern their domestic economies. These foreign state investments are applied to the most prominent overseas state investors, Sovereign Wealth Funds (SWFs). Many SWFs are from Asia and the Middle East and their number and size have greatly expanded, reaching $9 trillion by 2020. This book examines policies towards non-Western SWFs buying company shares in four countries: the US, UK, France, and Germany. Although the US has imposed significant legal restrictions, the others have pursued internationalised statism in ways that are surprising given both popular and political economy classifications. This book argues that the policy patterns found are related to domestic politics, notably the preferences and capacities of the political executive and legislature, rather than solely economic needs or national security risks. The phenomenon of internationalised statism underlines that overseas state investment provides policy makers in recipient states with new allies and resources. The study of SWFs shows that internationalisation and liberalisation of financial markets offer national policy makers opportunities to govern their domestic economies.

This book is the product of three years of empirical research, four years in politics, and a lifetime in a country experiencing three different regimes. Transcending disciplinary boundaries, it provides a fresh answer to a simple yet profound question: why has liberal democracy retreated? Scheiring argues that Hungary’s new hybrid authoritarian regime emerged as a political response to the tensions of globalisation. He demonstrates how Viktor Orbán’s Fidesz exploited the rising nationalism among the working-class casualties of deindustrialisation and the national bourgeoisie to consolidate illiberal hegemony. As the world faces a new wave of autocratisation, Hungary’s lessons become relevant across the globe, and this book represents a significant contribution to understanding challenges to democracy. This work will be useful to students and researchers across political sociology, political science, economics and social anthropology, as well democracy advocates.

The Routledge Handbook of Comparative Economic Systems examines the institutional bases of economies, and the different ways in which economic activity can function, be organized and governed. It examines the complexity of this academic and research field, assessing the place of comparative economic studies within economics, paying due attention to future perspectives, and presenting critically important questions, analytical methods and relative approaches. This complements the recent revival of the systemic view of economic governance, which was accelerated by the COVID-19 pandemic and likely even more the renewed East-West clash epitomized by the Russian invasion of Ukraine and the West’s reaction to it. The Handbook is divided into five parts. Each part deals with an issue of relevance for the discipline. The first and second parts look at the subject, content and approach of the discipline and its comparative method. The third part looks at the idiosyncratic nature of different economic systems and their constituent elements. The fourth part considers the outcomes that different economic systems generate and how these outcomes change following the evolution and transformation of economic systems. The last part takes stock and looks ahead at the challenges, from a theoretical and applied perspective, and the exogenous and endogenous factors promoting the advancement of the discipline, including the interaction between and competition among varied approaches and opposing paradigms. The Handbook brings together leading international contributors to reflect on the relevant debates and case or country studies, provides a balanced overview of the results achieved and current knowledge, as well as evolving issues and new fields of research. The book provides researchers, students and analysts with a complete, critical and forward-looking presentation and analysis of the content, development, challenges and perspectives of comparative economic studies.

The economic crisis of 2008–2009 signaled the end of the Post-Washington Consensus on restricting the role of the state in economic and development policy. Since then, state ownership and state intervention have increased worldwide. This volume offers a comparative analysis of the evolution of direct state intervention in the economy through state-owned companies in Austria, Brazil, France, Germany, Hungary, Poland, Turkey, Singapore, and Slovenia. Each case study includes substantial explanations of historical, cultural, and institutional contexts. All the contributors point to the complex nature of the current revival in state economic interventions. The few models that are successful cannot hide the potential problems of excessive state intervention, linked to high levels of moral hazard. State-owned enterprises are primary tools of market and price manipulation for political purposes. They can be used outright for rent seeking. Yet state-owned enterprises can also play important roles in prestigious national initiatives, like major public works or high-profile social and sports events. The authors conclude that after the uniform application of democratic market economic principles, the 2000s witnessed a path-dependent departure from standard economic and political operating procedures in developed countries.

This book draws on comparative and international political economy to explore alternative options for future economic development in the wake of COVID-19. Covering all major infrastructures of contemporary capitalism affected by the pandemic, it analyses the impacts of the crisis on our global socio-economic-political systems.