EU443      Half Unit
European Models of Capitalism

This information is for the 2025/26 session.

Course Convenor

Availability

Requisites

Recommended pre-requisites:

Students taking this course are encouraged to acquire a basic understanding of economics and political economy concepts, e.g. via the indicative readings recommended

How do capitalist economies evolve, adapt, grow, and compete in a rapidly changing globalised world? Why do some adjust more effectively than others to financial and energy crises or structural transformations such as the green transition, the knowledge economy, and China’s rise as a major industrial power?

This course examines the diversity of European models of capitalism, drawing primarily—but not exclusively—on comparative political economy (CPE) scholarship to explore how European economies function and why they remain distinct despite pressures for neoliberal convergence from Europeanisation and globalisation. Students will analyse both the supply and demand sides of European economies while identifying the nature and causes of cross-country disparities in socio-economic and innovation outcomes.

The course is structured into three interconnected parts. The first, Concepts and Historical Developments, provides a foundational understanding of key debates in CPE, exploring the diversity of European capitalisms during les trente glorieuses (1945–1975) and how different economies responded to the common challenges posed by the oil shocks of the 1970s. The second, Comparative Analysis of Capitalist Models, introduces analytical frameworks such as varieties of capitalism (VoC) and growth models (GM) to examine how economies function and adapt, particularly in response to globalisation, financialisation, and the rise of the knowledge economy. The third, Capitalism and Contemporary Crises, applies these concepts and frameworks to analyse how different models of capitalism have responded to major economic shocks and structural transformations, including Europe’s sovereign debt crisis, COVID-19, the 2022 energy crisis, China’s industrial ascent, and the renewed turn towards state interventionism through industrial policies for the green transition.

By integrating theoretical perspectives with in-depth comparative analysis, this course equips students with the tools to critically assess the evolution of European capitalism(s), engage critically with contemporary economic challenges, and understand how national political economies mediate and respond to the global forces shaping today’s capitalism.

15 hours of seminars and 10 hours of lectures in the Autumn Term.

This course has a reading week in Week 6 of Autumn Term.

The course consists of weekly lectures and 1.5-hour weekly seminars held throughout the term. While intellectually stimulating and rigorous, the course is structured to ensure the workload remains manageable. Students who dedicate 4–5 hours per week, including seminar preparation and participation, should find the material both accessible and rewarding.

Seminar preparation requires completing the essential readings provided in the reading list. From Week 2 onward, each seminar begins with a 30-minute presentation delivered by a small group of 2–3 students. These presentations introduce the weekly topic and address the core seminar questions. The remainder of the seminar is devoted to in-depth discussions, critical analyses, and evaluations of arguments raised in the readings and presentations.

Presentation

Report

Report - Ahead of each weekly seminar, students must upload a brief reading report on the essential readings. A template will be provided at the start of the course. The report should include: (1) a brief summary of key concepts and theories from the essential readings, and (2) critical reflections, doubts, or questions for discussion in the seminar.

Presentation - 30-minute in-class presentation, delivered individually or in pairs. Groups of three may be allowed depending on class size. Presentations introduce the weekly topic by explaining key concepts and theories and engage with core seminar questions through comparative or policy analysis. Presentation slots will be assigned in Week 1 on a first-come, first-served basis, with presentations starting from Week 2. Students must confirm their topic and date with the instructor during Week 1.

Shonfield, Andrew. Modern Capitalism: The Changing Balance of Public and Private Power. Oxford University Press, 1965 [i.e. 1966].

Goldthorpe, John H. Contemporary Capitalism. Oxford University Press, 1984.

Scharpf, Fritz Wilhelm. Crisis and Choice in European Social Democracy. Cornell University Press, 1991.

Albert, Michel. Capitalism Against Capitalism. Whurr, 1993.

Crouch, Colin, and Wolfgang Streeck (eds.). Political Economy of Modern Capitalism: Mapping Convergence and Diversity. SAGE, 1997.

Hall, Peter A. The Role of Interests, Institutions, and Ideas in the Comparative Political Economy of the Industrialized Nations. In Mark Irving Lichbach & Alan S. Zuckerman (Eds.), Comparative Politics: Rationality, Culture, and Structure(pp. 174–207). Cambridge University Press, 1997.

Hall, Peter A. The Political Economy of Europe in an Era of Interdependence. In Herbert Kitschelt, Peter Lange, Gary Marks, & John D. Stephens (Eds.), Continuity and Change in Contemporary Capitalism (pp. 135–163). Cambridge University Press, 1999.

Kitschelt, Herbert (ed.). Continuity and Change in Contemporary Capitalism. Cambridge University Press, 1999.

Hall, Peter A., and David W. Soskice (eds.). Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford University Press, 2001.

Schmidt, Vivien Ann. The Futures of European Capitalism. Oxford University Press, 2002.

Amable, Bruno. The Diversity of Modern Capitalism. Oxford University Press, 2003.

Crouch, Colin. Capitalist Diversity and Change: Recombinant Governance and Institutional Entrepreneurs. Oxford University Press, 2005.

Streeck, Wolfgang. E Pluribus Unum? Varieties and Commonalities of Capitalism. MPIfG Discussion Paper, No. 10/12, Max Planck Institute for the Study of Societies, 2010.

Baccaro, Lucio, and Jonas Pontusson. Comparative Political Economy and Varieties of Macroeconomics. MPIfG Discussion Paper, No. 18/10, Max Planck Institute for the Study of Societies, 2018.

Palier, Bruno, and Anke Hassel (eds.). Growth and Welfare in Advanced Capitalist Economies: How Have Growth Regimes Evolved? Oxford University Press, 2021.

Clift, Ben. Comparative Political Economy: States, Markets and Global Capitalism. Macmillan International Higher Education, 2021.

Baccaro, Lucio, Mark Blyth, and Jonas Pontusson (eds.). Diminishing Returns: The New Politics of Growth and Stagnation. Oxford University Press, 2022.

Hancké, Bob, Toon Van Overbeke, and Dustin Voss. Understanding Political Economy: Capitalism, Democracy, and Inequality. Edward Elgar Publishing, 2025.

Essay (100%, 3500 words) in May

Essay - 100%, consists of a 3,500-word essay addressing a research question, which students can discuss with the instructor. The essay question must be agreed upon by the end of the Autumn Term. The final submission is due during the Spring Term, with the exact deadline to be confirmed. There is no online assessment or final exam for this course.