Crisis and Complementarities
A Comparative Political Economy of Economic Policies after Covid-19
Bibliographic Data
| ID | 6318067 |
|---|---|
| Authors | Bob Hancké (0000-0002-3334-231X, London School of Economics and Political Science), Toon Van Overbeke (0000-0002-0620-9943, London School of Economics and Political Science), Dietmar Vo (0000-0001-5329-2682, London School of Economics and Political Science) |
| Year | 2022 |
| Volume | 20 |
| Issue | 2 |
| Pages | 474-489 |
| Publication date | 2022-06-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Perspectives on Politics (JOURNAL) |
| Journal identifiers | ISSN: 1537-5927 • E-ISSN: 1541-0986 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s1537592721001055 |
| OpenAlex | W3168445303 |
| Language | EN |
| Citations received | 9 |
| References cited | 16 |
We examine economic policy responses to the COVID-19 induced economic collapse in Germany (a coordinated market economy) and the UK (a liberal market economy). The two countries responded to the symmetric economic shock with very similar furlough and business credit schemes to stabilize the demand and supply sides of the economy. However, since these policies fed into very different political-economic structures in both countries, they produced very different results. We attribute this divergence to the effect of “institutional complementarities,” the notion in Varieties of Capitalism that different elements of a system are mutually articulated and, therefore, mutually reinforcing beyond their initial contribution, or vice versa. Our results serve as a cautionary tale to policymakers that introducing policy elements developed in other institutional contexts is complex and challenge us to consider systematically the way in which institutional frameworks actively shape policy outcomes
Capitalism · Coronavirus disease 2019 (COVID-19 · Divergence (linguistics · Economic system · Economics · Market economy · Political science · Politics · Shock (circulatory · Housing, Finance, and Neoliberalism · Political and Economic history of UK and US · Social Policy and Reform Studies
When Reformers Become Spoilers
(De)regulating automation
Public cultural institutions in Mexico and precarisation of creative labour
The Nonconsequences of Covid-19 on Left–Right Ideological Beliefs
Policy, power and pandemic
Do institutions matter in a crisis? Regime type and decisive responses to Covid-19
Public Development Banks as Essential Infrastructure
The Political Economy of Health
Models of socio-economic compensation under Covid-19 in Latin America
Governments, Markets, and Growth
Varieties of Capitalism
Structuring Politics
Business, Government, and Patterns of Labor Market Policy in Britain and the Federal Republic of Germany
What Does Business Want? Labour Market Reforms in CMEs and Its Problems
Weathering the Storm? Financialisation and German Savings Banks
All in it Together? The Unlikely Rebirth of Covid Corporatism
The rise of internal capitalist diversity? Changing patterns of finance and corporate governance in Europe
Banks and the False Dichotomy in the Comparative Political Economy of Finance
Varieties of Capitalism
Making sense of financialization
Industry and Finance in Germany since Unification
Apples and Oranges Revisited
| Unique citing works | 9 |
|---|---|
| Citations per year | 2,25 |
| Citation span | 2022 - 2026 (5) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 9 |