Varieties of capitalism and varieties of economic theory
- This article examines the type of economic analyses of capitalism presented by leading exponents of the neoclassical, marxian, Austrian and institutionalist schools of economic thought. Although each school has something to offer, it is argued that all except the institutionalist school are largely insensitive to different types of structure within capitalism and are blind to the cultures and institutions which characterize different kinds of capitalism. This conclusion is reached by addressing three issues: the problem of universal and specific assumptions in economic analysis; the question of "necessary impurities" in an economic system; and the relationship between actor and structure. It is concluded that institutional economics is most sensitive to the immense actual and potential variety within capitalism itself, and recognizes that the development of different capitalist systems can be divergent rather than convergent.
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