Comparative Economic Systems: Varieties of Capitalism in the Digital Era

Why do national economies organize themselves so differently, and how do these structures survive in a globalized world? Understanding these differences is key to analyzing global market trends, policy shifts, and systemic stability. This text-only course guides you through the foundational concepts of comparative economics, starting with neo-institutional theory and moving into the famous Varieties of Capitalism framework. You will learn to analyze how institutional systems shape business, labor, and state relations in the modern, digitally-driven global economy. What you'll learn: Understand the core principles of neo-institutional economics and how institutions shape economic performance; Compare Liberal Market Economies (LMEs) and Coordinated Market Economies (CMEs) using established theoretical frameworks; Analyze the broader concept of Varieties of Institutional Systems and how they govern modern societies; Evaluate how digitalization and transnational production networks reshape traditional national economic models; Identify signs of economic destabilization and institutional adaptation in contemporary global contexts; Apply comparative analysis techniques to real-world economic policies and market structures. The course begins with essential terminology and historical context before examining specific institutional models. The reading material then transitions to modern challenges, including global supply chains and digital platforms, reinforced by written analytical exercises. This course is designed for beginners in economics, international relations, or political science, with no prior background in advanced economic theory required. Begin reading today to build a sophisticated understanding of how global economies actually work.