Same Trend, Different Paths: Growth and Welfare Regimes Across Time and Space

Abstract

The article reviews the recent advances in comparative political economy. It reconnects knowledge on growth regimes and welfare regimes by analyzing how growth and welfare regimes covary over both time and space. It underlines the fact that governments pursue different growth strategies to adjust to new economic environments, focusing in particular on welfare state reforms. Synthesizing the literature, we propose a definition of growth and welfare regimes that integrates different engines of growth as a way to track general trends in the evolution of capitalism. We analyze the main trends of three eras of capitalism: Fordism, neoliberal financialization, and the digitalized knowledge-based economy. We trace the various paths of change by identifying the five growth strategies governments have pursued to adapt their growth and welfare regimes to the new capitalist era. The result is not a typology of fixed types of capitalist models but a dynamic process of adjustment. Expected final online publication date for the Annual Review of Political Science, Volume 26 is June 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.