Drawing on key theoretical concepts and analytical frameworks from Comparative Political Economy (CPE), this course examines the extent, nature, and reasons for the diversity of national economic systems—or models of capitalism—despite global pressures for convergence driven by international political and economic forces. It explores variations in the institutional configurations of European models of capitalism (the economy’s supply side), differences in the key economic and institutional sectors driving growth (the economy’s demand side), and cross-country disparities in socio-economic outcomes. Beginning with the development of European capitalism during the postwar golden age and the oil shocks, the course moves to a critical comparison of capitalist models through the Varieties of Capitalism (VoC) and Growth Models (GM) approaches. It culminates in applying these frameworks to contemporary challenges, including the global financial crisis, COVID-19, the rise of China, the recent energy and inflation crises, and the twin green and digital transitions, providing students with the analytical tools to assess how European models of capitalism mediate and adapt to political-economic shocks.

Course convener: Dr Donato Di Carlo (d.di-carlo@lse.ac.uk)