International regulatory diversity over 50 years: political entrepreneurship within fiscal constraints

Vlad Tarko, Ryan Safner

Research output: Contribution to journalArticlepeer-review

Abstract

Over the last 50 years, economic freedom in modern capitalist democracies has increased although the regulatory state has expanded considerably, resulting in the paradox of “freer markets, more rules” (Vogel, 1996). We provide a hierarchical cluster analysis of the policy trajectories of OECD countries over the last 50 years, as well as a theoretical framework that builds on Stigler’s (1971) theory of economic regulation. Our findings suggest that these developments are not the result of ideological narratives such as “neoliberalism,” but instead we confirm some claims from the “varieties of capitalism” and “regulatory capitalism” literatures using independent methods. Our approach is better able to explain the diversity of regulatory regimes across countries than existing approaches that focus on either national patterns or policy sectors, and we also provide a fuller account of government crowding-out and crowding-in effects across the entire structure of production.

Original languageEnglish (US)
Pages (from-to)79-108
Number of pages30
JournalPublic Choice
Volume193
Issue number1-2
DOIs
StatePublished - Oct 2022

Keywords

  • Deficit finance
  • Neoliberalism
  • Political entrepreneurship
  • Regulatory capitalism
  • Variety of capitalism

ASJC Scopus subject areas

  • Sociology and Political Science
  • Economics and Econometrics

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