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research-article2013
Article
Comparative analysis
of capitalism from a
regulationist perspective
extended by neoGramscian IPE
Hans-Jrgen Bieling
University of Tbingen, Germany
Abstract
Over time, the comparative analysis of capitalism has moved beyond the strict
confines of the narrow varieties of capitalism (VoC) framework. In this sense, it is
possible to observe an emergent post-VoC discussion that goes beyond the static
design and methodological nationalism that can be found in a strictly comparative
and institutionalist account of capitalism. So far, however, the post-VoC discussion
has been barely able to address important politico-economic and societal themes
and issues. For the most part, assertions about time-diagnostic characterisations of
the current state of capitalism, the causes and processes of specific crisis dynamics
inherent to this current form of capitalism, and the asymmetrical forms of international
networks or formative transnational power relations, remain weak or chaotic. In
order to overcome these existing deficiencies, this paper argues from an analytical
perspective that situates itself in regulation theory and allows itself to be characterised
as an extended neo-Gramscian international political economy (IPE) approach.
Keywords
Neo-Gramscian IPE, regulation theory, post-VoC discussion, transnational
hegemony
Introduction
For some time now, in scientific as well as in political discussions, the word capitalism
has been used in a relaxed manner. The reasons for this are multifaceted. They lie in part
Corresponding author:
Hans-Jrgen Bieling, University of Tbingen, Germany.
Email: hans-juergen.bieling@uni-tuebingen.de
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in developments within the subject area of international political economy (IPE) and in
the public debate over the causes and implications of the financial crisis. They also lie in
the fact that the term capitalism is no longer automatically associated, for example, with
a socio- and system-critical Marxist analysis in connection with a socialist economic
programme. In the last few years, many authors have more or less explicitly allied themselves with the varieties of capitalism (VoC) approach (cf. Hall and Soskice 2001). That
is to say, they have oriented themselves to an analytical perspective that is not a priori
categorised as critical of capitalism, but rather, which claims that the existence of different national models of capitalism is fundamentally given, though it is institutionally and
regulatorily manageable as long as the models international competitiveness is not
impaired.
The conditionality of international competitiveness means that the VoC approach
has admittedly contributed substantially to the revival of theoretical discussions of capitalism (see also Hartmann in this special issue on competition). However, given the primacy of economic performance, it was only to a limited extent able to account for
exploitation mechanisms, power relations, conflicts and contradictions; in short, for the
social character of specific capitalist formations. This point is further strengthened by the
fact that VoC is marked by a very lean societal theory and a deficient politico-economic
analytical framework. Above all, the dimensions that national capitalist models have in
common (cf. Streeck 2010; Bruff 2011), or the patterns of transnational reproduction
that structure or mesh the development of national models with one another (cf. Bohle
and Greskovits 2009; Bellofiore etal. 2011) are not adequately considered. With regard
to this, a post-VoC discussion in the broader comparative capitalisms (CC) literature has
begun to unfold, which goes beyond the static design and methodological nationalism
that can be found in a strictly comparative and institutionalist discussion of capitalism.
Despite an expanded research agenda and due to persistent institutional restrictions,
the post-VoC discussion is barely able to address important politico-economic and societal themes and issues (Jessop 2013). For the most part, assertions about time-diagnostic
characterisations of the current state of capitalism, the causes and processes of specific
crisis dynamics inherent to this current form of capitalism, and the asymmetrical forms
of international networks or formative transnational power relations remain weak or
chaotic. In order to overcome these existing deficiencies, this paper will argue from an
analytical perspective that situates itself in regulation theory and allows itself to be characterised as an extended neo-Gramscian IPE approach. Before the central reflections and
the fundamental assumptions of regulation theory and the neo-Gramscian extension and
reformulation are posed, the development and the current state of the comparative and
institutionalist discussions of capitalism will be outlined.
Bieling
33
and the accompanying political and institutional conflicts shaped their central characteristics significantly. Thus it is not surprising that specific conceptions of comparative
political economy should have begun to develop in the early times of capitalism. As is
often shown in overview articles (cf. Ltz 2006: 27), contemporary discussions look back
to a substantial and stimulating heritage (see also Bruff & Hartmann in this special
issue). Ultimately, it is Michael Alberts (1992) study of ideal types of models of capitalism the Rhenish and neo-American ones on which the VoC approach strongly builds.
In principle, Peter Hall and David Soskice (2001) adopt Alberts dichotomy of capitalist
models; however, they do not derive their different varieties from a concrete regional
location. Instead, they speak more generally of coordinated market economics (CMEs)
and liberal market economics (LMEs).
Essentially, the VoC approach is a firm-centred perspective in two regards: first, politico-economic change is mainly seen as a product of managerial investment, innovation
and other modernisation concepts; and second, the set of specific institutional arrangements is mainly analysed by focusing on the development potentials of these business
activities. This is also underlined by the five areas which, from the VoC viewpoint,
mainly determine the specifics of national models of capitalism and their comparative
economic performance. These five areas include industrial relations, the vocational system, the corporate governance system, inter-firm relations (especially between corporations, suppliers and distribution companies), as well as intra-firm relations (that is, the
means that firms use to encourage loyalty and to reward their employees). These areas
illustrate the point that VoC addresses mainly the institutional preconditions and contextual conditions of business processes. The term institution is used broadly: it includes
in principle not only formal, but also informal rules, conventions and practices of societal reproduction. The often very limited conception of political economy as the interaction between markets and states is unmistakably broken up and expanded; at least to the
extent that in addition to market-based competition and to state regulation, other multifaceted forms of cooperation, including specific corporate organisational structures,
corporate negotiation systems and civil society networks, are considered to have an
impact on the national and international political economy.
Ultimately, the potential provided by this extension remains unexhausted. This is due
to the fact that the VoC approach is primarily located in the overall discussion of competitiveness. Without doubt it can take credit for questioning the modernisation theory
assumption of the existence of one single superior path of development or a best practice model, which all other models have more or less to follow. In contrast, the VoC
approach directs attention towards the fact that the economic performance of national
variants of capitalism is defined through the interaction and coherence between different
fields and particular institutional arrangements. However, since many other dimensions
and aspects that do not allow themselves to be classified as moments of competitiveness
or performance are left out, the VoC discussion falls short. This is also expressed by other
criticisms in which other specific deficits and problems of VoC are clearly shown (Radice
2000; Streeck 2010: 27): for example, a functionalist bias (Becker 2007: 268); a simplified or under-complex understanding of societal change (Kang 2006: 15); a half-hearted
break with neoclassical economics; a firm-centred and rationalist interpretation of
actions made by central actors (Bruff 2011); a stylised differentiation between two ideal
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types, liberal market economies (LMEs) and coordinated market economies (CMEs),
which is often not helpful for understanding existing variances between and also within
different models of capitalism (Wagner and Lillie 2013); and a methodologically nationalist mode of comparison that often is not able to think of trans- or supranational institutional arrangements as constitutive elements of capitalist models (see also Hrtgen in
this special issue).
Over the last few years, the points of critique listed above have been noted within VoC
circles, productively approached, and through conceptual innovation, mitigated and
rebutted. The functionalism reproach was weakened since it was clarified that VoC only
seeks to explore the effects of institutional arrangements and their current societal support, not the beginnings of their creation (Hall and Thelen 2009: 14). In response to the
charge about the conceptualisation of societal and institutional change, it has been made
clear that through a stronger focus on social power relations, societal conflicts and informal institutionalisation aspects, some dynamics of change can be explained in a more
sophisticated manner (Hanck etal. 2007; Deeg & Jackson 2007; Hall & Thelen 2009:
17). Moreover, growing criticisms of the VoC perspectives methodological nationalism
(Peck & Theodore 2007; Bohle & Greskovits 2009) have led to a greater acknowledgement of the similar and overreaching elements of global capitalism. What all of this means
theoretically and conceptually for VoC and CC research more broadly is, however, still
underdetermined. Up until now, the post-VoC discussion has not been up to the task of
dynamising the static comparative perspective and taking into account capitalistic phenomena that cross national borders (for a different view, see May and Nlke 2013).
Bieling
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The answer to this question is, generally, that capitalist formations are not just characterised by the dynamics of economic accumulation, but also by non-economic, institutionally stabilising forms of regulation. The mode of operation of these regulatory
forms is designed to combat the inherently crisis-prone and structurally unstable nature
of capitalist accumulation (see also Jessop in this special issue). Hence, the mutually
dependent key categories of regulation theory are the regime of accumulation and the
mode of regulation. According to Alain Lipietz (1985: 120), the regime of accumulation refers to the macroeconomic mode of systematic distribution and reallocation of
societal values that has over a long period of time generated a specific correspondence
between changes in production conditions and changes in the conditions of final
consumption. The constitutive relevance that non-economic i.e. social, institutional
and political circumstances have for the process of capitalist reproduction is included
here. At the same time, these aspects of the accumulation process constitute a specific,
institutionally stabilised structure of societal regulation within the framework of the
capitalist valorisation process that allows the contradictions and conflicts inherent in the
system to be processed. Hence the concept of regulation is designed to be comprehensive. It takes into account the labour relation (reproduction of working power, social
security, family relations, school, lifestyle, forms and norms of consumption), the capital
relation (relocation of capital, the forms of competition and cooperation, forms of enterprise organisation), the money relation (meaning and mode of operation of capital,
credit and insurance markets), and also the legal, ideological and economic dimensions
of state intervention as well as international regimes.
In addition to the accumulation regime and the mode of regulation, scholars working
with the Regulation School approach from time to time refer to two other analytical
concepts. The first concept is the technological or industrial paradigm. This focuses on
the concrete, material dimensions of capitalist accumulation, including forms of production and labour organisation that are influenced by specific key technologies. The development and configuration of production and labour organisation is regarded as the
product of competing interests and expectations, or, in short, social conflicts and power
relations. At the same time, forms of production and labour organisation have their own
societal implications by influencing social structures and political actors means of action.
The second concept is that of a hegemonic bloc: this clarifies which alliances result from
these structures. It tries to make explicit that within the overall historical bloc that is
the entire, historically specific formation of capitalist societies the relationship and
interaction between the regime of accumulation and the mode of regulation (or, as it is
more generally formulated, between the economic and political institutional dimensions
of capitalist development) is mediated by social networks or civil society coalitions that
organise the processes of political consensus generation and compromise finding.
The aforementioned analytic conceptions underline that the fact there are intersections and meeting points between regulation theory and the (post-)VoC debate in
CC scholarship (see also Kannankulam & Georgi in this special issue). At the same
time, the differences between the two should not be ignored. Firstly, regulation
theory is more ambitious as a social theory in that it explores the dynamics and differences between different societal dimensions, including social, political and cultural structures, before it addresses the institutional arrangements through which
36
these structures are reproduced or changed (see the recent Capital & Class special
issue on regulation theory [Dannreuther & Petit 2013]). In comparison to especially
the actor-centred and rationalistic orientation of VoC, regulation theory is also
interested in analysing societal power structures, which are themselves discursively
confirmed or questioned through cultural-political and political-ideological hegemonic struggles carried out in civil society. Secondly, regulation-theoretical research is
based on a broader understanding of the economic, which critical of businesscentred and equilibrium theory concepts leads to a Keynesian or neo-Marxist
macroeconomic perspective. Production relations are therefore understood to be
forms of specific social power and appropriation relations. Occasional references are
also made to reflections made by Nicos Poulantzas (1975: 21), who analysed concrete capitalist formations as an ensemble of different, partially also non-capitalistic
production relations that are, however, capitalistically dominated. Poulantzas also,
by maintaining the primacy of production relations vis--vis productive forces, questioned the allegedly neutral character of technological innovation. Third, regulation
theory distinguishes itself through its double comparative perspective. In contrast to
mainstream scholarship, which only analyses different capitalist models in space, i.e.
through international comparison, regulation theorists are also interested in intertemporal differences and changes. Historically, regulation theory identifies and differentiates between particular capitalist models such as Fordism, high-tech capitalism
or financial market capitalism, and so on, which have all been characterised by specific patterns of capitalist accumulation and regulation (Grahl & Teague 2000;
Aglietta etal. 2002).
This last point in particular shows that regulation theory takes the post-VoC discussion further, in that it is focused on the societal effects of capitalist accumulation, production and labour organisation. Regulation theory offers a framework for analysis and
interpretation that endogenises the dynamics and changes within capitalist models and
is therefore also able to reckon with social changes within formally unchanged institutional settings. The social character of specific institutional arrangements is explored
more explicitly up to the point that, in contrast with VoC and indeed most CC research,
regulation theory, even if just limited to Europe, is not just limited to the differentiation
of two variants but includes many specific variants (cf. Amable 2003).
Despite these principally advantageous analytical options, some difficulties and problems remain. For instance, regulation theory also runs the risk of suffering from an
implicit functionalism, as the mode of regulation is primarily observed through the way
in which it stabilises the accumulation regime. This tendency is admittedly much more
apparent when individual research adopts a socio-technological and regulatory problemsolving perspective that barely asks how societal contradictions and crises escalate and
articulate specific power structures and conflicts. However, it is not just the functionalist
bias that makes regulation theory and CC research close to one another. They also share
the problem that their analytical perspective is ontologically influenced by a dichotomous view of nation-state/world market relations (cf. Bieling & Deppe 1996a: 487;
contributions to Brand & Raza 2003). Therefore, it is difficult for both to grasp the
international and transnational dynamics of capitalistic development that have gained
importance in the context of globalisation.
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References
Aglietta M (2000) A Theory of Capitalist Regulation: The US Experience (new ed.). London: Verso.
Aglietta M etal. (2002) Umbau der Mrkte. Akkumulation Finanzkapital Soziale Krfte.
Hamburg: VSA.
Albert M (1992) Kapitalismus contra Kapitalismus. Frankfurt: Campus.
Amable B (2003) The Diversity of Modern Capitalism. Oxford: Oxford University Press.
Becker J (2009) Regulationstheorie. In Becker J, Grisold A, Mikl-Horke G, Pirker R,
Rauchenschwandtner H, Schwank O, Springler E, Stockhammer E (eds.) Heterodoxe
konomie. Marburg: Metropolis.
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Author biography
Hans-Jrgen Bieling is a professor of political economy and economic didactics at the Department
of Political Science, Eberhard Karls University Tbingen, Germany. His recent publications
include Theorien der Europischen Integration, 3rd ed. (VS 2012, as co-editor), Internationale
Politische konomie. Eine Einfhrung 2nd ed. (VS 2011), and Die Globalisierungs-und
Weltordnungspolitik der Europischen Union (VS 2010).