Varieties of Capitalism (My notes)

Flashcards covering different varieties of capitalism as discussed in the lecture notes.

Why does capitalism vary across different countries?

It varies due to social, economic, and political traditions.

What is the primary characteristic of Laissez-faire capitalism?

Minimum government intervention, strictly limited to police and fire protection.

What activities does the state undertake in State Capitalism?

The state undertakes commercial (for profit) activities.

In Stakeholder capitalism, who are considered 'stakeholders'?

Everyone affected by the company, such as employees, suppliers, customers, and local communities.

What does Clean capitalism incorporate into the marketplace and prices?

It incorporates social, economic, and ecological costs.

What defines US-Style capitalism regarding government involvement and worker representation?

It is closer to pure capitalism with limited government involvement and less worker representation in corporate policies.

What drives economic activities in Chinese capitalism?

State-organized economic activities with political over economic incentives.

What is the historical role of the state in corporate policy under German capitalism?

The government plays a stronger role in guiding business decisions.

What characterizes state involvement and employment in Japanese capitalism?

Strong state involvement in guiding industries and shaping long-term goals, alongside a lifetime employment norm.

How is Canadian capitalism often described due to its state involvement?

It is a mixed system or a market economy with a significant role for the state.

If there is less government intervention…

They would have pure capitalism

If there is more government intervention…

There’s socialism