Varieties of Capitalism 0.0 / 5 ? Government & PoliticsEnterprise capitalismSocial capitalismState capitalismUniversityNone Created by: ewelynCreated on: 03-06-19 08:41 What does political economy examine? How different economic systems affect institutional and political arrangements, and how the arrangements are affected by political decision-making 1 of 17 What is enterprise capitalism widely seen as? 'Pure' capitalism 2 of 17 Where is enterprise capitalism most present? The USA and the UK 3 of 17 How is an enterprise capitalist market regulated, and what does that result in? It is self-regulatory and keeps public ownership to a minimum 4 of 17 What do US businesses focus on? High productivity and labour flexibility 5 of 17 Aside from its market, what does the US possess that helps in its success? A strong sense of national purpose and a network of regulatory bodies to constrain excess competitive behaviour 6 of 17 What is the most significant downside to enterprise capitalism? There is a tendency for wide material inequalities and social fragmentation, which is especially prevalent in the US 7 of 17 What does the UK lack in comparison to the US, and how might this affect its enterprise capitalism It lacks the cultural and economic resources of the US, meaning enterprise capitalism may generate deep, unsustainable social tensions 8 of 17 What does social capitalism draw on? Flexible and pragmatic ideas as opposed to strict market principles 9 of 17 According to social capitalism, what should be the purpose of state intervention? Protecting 'infant industries' from foreign competition 10 of 17 What is the central theme of social capitalism? A combination of market competition and the need for social cohesion and solidarity 11 of 17 How are trade unions represented in social capitalism and what are they involved in? Work councils, meaning they are able to contribute to wage negotiations 12 of 17 What evidence is there to support social capitalism? Germany's rise to being Europe's leading economic power despite its war-torn state after WW2 13 of 17 What is a disadvantage to social capitalism? There is heavy stress on consultation, negotiation, and consensus. This leads to inflexibility and being unable to adapt to changing market conditions 14 of 17 What is a negative result of social capitalism? There is a high social expenditure and so taxes must go up 15 of 17 In what way is the term 'state capitalism' used? Describing capitalist economies in which the state plays a directive role 16 of 17 Why is state capitalism sometimes referred to as 'collective capitalism'? It emphasises the importance of cooperative long-term relationships 17 of 17
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