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Varieties of Capitalism, Varieties of Vulnerabilities: Financial Crisis and its Impact on Welfare States in Eastern Europe and the Commonwealth of Independent States


Jan Drahokoupil


University of Mannheim - Mannheim Centre for European Social Research (MZES); European Trade Union Institute (ETUI)

Martin Myant


University of the West of Scotland

November 15, 2009

Historical Social Research, Vol. 2, No. 35, pp. 266-295, 2010

Abstract:     
This paper investigates the implications of the 2008 financial crisis on welfare states and the capitalist diversity in the post-communist world, including Eastern Europe and the Commonwealth of Independent States. It analyzes three political-economic varieties in the region: those of capitalism, welfare, and vulnerabilities to the crisis. The three varieties are linked, but there is also a considerable variation given the importance of political and policy factors. Economic growth models created different political and economic constraints on policies of adjustment to the crisis. In particular, currency substitution was associated with strong political preferences for defending exchange rates, with adjustment through reductions in public spending and wages. A variety of welfare models was associated with different political constituencies for welfare provision. The interplay of these constraints and political factors together with intervention of international institutions shapes the nature of welfare state adjustments. Early developments indicate also some unexpected outcomes.

Number of Pages in PDF File: 31

Keywords: financial crisis, welfare state, varieties of capitalism, Eastern Europe, Russia; Commonwealth of Independent States

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Date posted: November 15, 2009 ; Last revised: May 26, 2010

Suggested Citation

Drahokoupil, Jan and Myant, Martin, Varieties of Capitalism, Varieties of Vulnerabilities: Financial Crisis and its Impact on Welfare States in Eastern Europe and the Commonwealth of Independent States (November 15, 2009). Historical Social Research, Vol. 2, No. 35, pp. 266-295, 2010. Available at SSRN: http://ssrn.com/abstract=1506522

Contact Information

Jan Drahokoupil (Contact Author)
University of Mannheim - Mannheim Centre for European Social Research (MZES) ( email )
D-68131 Mannheim
Germany
HOME PAGE: http://drahokoupil.blogspot.com
European Trade Union Institute (ETUI) ( email )
B-1210 Brussels
Belgium

Martin Myant
University of the West of Scotland ( email )
Paisley, Scotland PA1 2BE
United Kingdom
HOME PAGE: http://www.paisley.ac.uk/schoolsdepts/business/cces/researchers/martin-myant.asp
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