UK Labour Leader Ed Miliband bases economic future in Varieties of Capitalism
January 6, 2014
Friend of CES, former Visiting Scholar, and former Visiting Professor of Government at Harvard - as well as current leader of the Labour Party - Ed Miliband is described in a recent article in The Economist as looking to the theories of Varieties of Capitalism (VoC) for long term planning for Britain's economic future to create a higher standard of living for people, a theory that our own Krupp Professor of European Studies, Peter Hall, helped to write.
"As the phrase suggests, the VoC approach identifies several different ways to run a capitalist economy. Most adherents concentrate on two models – “liberal” (eg Britain, Ireland, the United States) and “co-ordinated” (eg Germany, Sweden, South Korea) – which, they argue, are fundamentally different. Not unlike Microsoft and Apple, the two are both internationally competitive, but each has its own operating system, rules, institutions and comparative advantages. And each uses a different approach to solve collective action problems."