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<p>Since Hall and Soskice’s seminal work, the Varieties of Capitalism (VoC) framework has become a foundational lens for analyzing how institutional configurations shape firm behavior, policy choices, and economic performance. Yet VoC scholarship remains fragmented across policy domains, disciplinary boundaries, and regional contexts, and increasingly strained by a world of geopolitical disruption, techno-nationalism, and contested capitalisms that the original LME–CME dichotomy was not built to explain. This is the first systematic review of VoC research in international business and related fields, with an explicit policy focus. Drawing on 231 articles published in 47 journals, we synthesize the literature into seven policy domains: corporate governance; labor and human resource management; environmental, social, and governance (ESG); innovation; entrepreneurship; foreign direct investment and international business; and history. Our review reveals VoC’s enduring power for explaining institutional diversity, path dependence, and the interplay between policy and firm strategy, while exposing its limitations as a static, Western-centric typology. We identify growing attention to hybrid, state-led, and non-Western capitalisms, and show how deglobalization, digital regulation, and geopolitical conflict are redrawing the institutional map. We conclude with a forward-looking research agenda that repositions VoC as a dynamic, policy-centered framework for an era of fragmented and contested capitalism.</p>

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Varieties of Capitalism and International Business Policy: A Systematic Review of Policy Domains and Emerging Research Paths

  • 期刊论文

  • 发表日期：

    2026年7月5日

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  • Canan C. Mutlu,
  • Patricio Duran,
  • Ruth V. Aguilera,
  • Mathias Siems

摘要

Since Hall and Soskice’s seminal work, the Varieties of Capitalism (VoC) framework has become a foundational lens for analyzing how institutional configurations shape firm behavior, policy choices, and economic performance. Yet VoC scholarship remains fragmented across policy domains, disciplinary boundaries, and regional contexts, and increasingly strained by a world of geopolitical disruption, techno-nationalism, and contested capitalisms that the original LME–CME dichotomy was not built to explain. This is the first systematic review of VoC research in international business and related fields, with an explicit policy focus. Drawing on 231 articles published in 47 journals, we synthesize the literature into seven policy domains: corporate governance; labor and human resource management; environmental, social, and governance (ESG); innovation; entrepreneurship; foreign direct investment and international business; and history. Our review reveals VoC’s enduring power for explaining institutional diversity, path dependence, and the interplay between policy and firm strategy, while exposing its limitations as a static, Western-centric typology. We identify growing attention to hybrid, state-led, and non-Western capitalisms, and show how deglobalization, digital regulation, and geopolitical conflict are redrawing the institutional map. We conclude with a forward-looking research agenda that repositions VoC as a dynamic, policy-centered framework for an era of fragmented and contested capitalism.