Single Peaked vs. Diversified Capitalism: The Relation between Economic Institutions and Outcomes

摘要: Capitalist countries have historically had quite different labour market institutions and social policies. Do these differences produce sufficiently economic outcomes to identify a single peak set of institutions? This paper shows that: 1. Labour large effects on distribution, but modest hard-to-uncover efficiency. 2. Institutional diversity is increasing among advanced countries, as measured by the percentage workers covered collective bargaining. 3. The case for US having economy status rests its 1990s full employment experience, which arguably counterbalances high level inequality historical pattern whereby some capitalist do better than others in periods (ie Japan 1970s-1980s), then run into problems more consonant with view that capitalism permits national persist all economies must converge institutional structure.