Capitalist Diversity in High-Income Economies

Chapter 3 presents the main empirical differences between liberal and coordinated types of capitalism, with a particular focus on the USA and the UK, respectively, Germany and Austria. It starts from the theoretical categories of comparative capitalism research presented in Chap. 2, first with a focus on the most important company-related institutions on the supply side, then from the perspective of demand-related growth models. The chapter shows not only that very different forms of capitalism have emerged in high-income countries, but also that the interplay of institutions makes an important contribution to explaining economic growth in the long term. From a more short-term perspective, growth is also influenced by economic policy, as the growth models perspective points out. The latter also emphasizes the mutual international constitution of these models, as illustrated by the development of the euro crisis.