The paper shows that a transition from a planned to a market economy implies an important change of the structure of production, i. e. a reallocation of resources which takes time and induces sufferings for some people. These sufferings may be reduced by subsidization of some sectors, with some...

Both the varieties of capitalism school (VOC) and regulation theory (RT) address the issue of how and why capitalisms differ. If VOC challenges the primacy of liberal market economies (LME) and stresses the existence of an alternative form, i.e. coordinated market economies (CME), RT starts from...

Using aggregate analysis, this paper examines the core contentions of the "varieties of capitalismʺ perspective on comparative capitalism. We construct a coordination index to assess whether the institutional features of liberal and coordinated market economies conform to the predictions of the...