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Acknowledgments -- Abstract -- Introduction: income inequality, labour market and uneven development during financial capitalism -- Definitions, approaches and origins of income inequality -- Theories, methods and varieties of inequality -- The determinants of income inequality in rich countries -- Welfare capitalism versus financial capitalism during globalisation -- Financialisation and financial crisis : policies and empirical evidences -- The foundation of the financial crisis : inequality and labour flexibility -- Varieties of capitalism, regulations and responses to the financial crisis : the European social model versus the US model -- Economic policies and growth strategies after the crisis : different approaches in USA, Japan and EU -- Why some countries perform better than others did during the initial phase of the crisis? -- Global imbalances, declining hegemony and the need for a new global governance -- Conclusion -- Appendix -- Inde

This book analyses the development path of transition economies in European Countries and former Soviet Republics that have experienced the transformation from planned economies to market economies since the fall of the Berlin wall in 1989. It examines economic growth, institutional change and human development performance.

The objective of this paper is to show that there is a trade-off between global inequality (between countries) and national inequality (within countries). We observed that when the former declines, the latter increases. Empirically, it is possible to observe a shift from higher global inequality to lower global inequality levels (and higher national inequality levels) since the last quarter of the previous century. From a historical perspective, my thesis is that when the main drivers of economic growth are technology and means of transportation, inequality is mostly between countries (higher global inequality). In contrast, when the main driver of economic growth is labour (and related factors such as human capital, skills, knowledge exploitation), then inequality is mostly within countries (higher national inequality). Limitations of data availability did not allow for testing these historical trends. However, the trends of global and national inequalities over the last three to four decades confirm such a thesis.

Resumen.Mediante un «índice de gestión de la crisis», el autor clasifica a los 27 miembros de la Unión Europea según el desempeño de su PIB y su mercado laboral de 2007 a 2011. Tras un análisis por correlaciones empíricas y regresiones, concluye que los países de mejor desempeño comparten un modelo de economía de mercado coordinada, caracterizado por una combinación de políticas económicas e instituciones sociales –como mecanismos de coordinación y reglamentación financiera más estricta– que contribuyeron a estabilizar sus niveles de consumo y de demanda agregada. Además, la ausencia de flexibilidad laboral les permitió mantener la estabilidad del empleo.

Résumé.L'auteur évalue le comportement des vingt‐sept Etats membres de l'Union européenne face à la crise au moyen d'un indice de gestion de la crise qui combine leurs résultats en matière de PIB et de marché du travail. Il conclut que ceux qui ont le mieux réussi partagent un modèle d'économie de marché coordonné associant des politiques économiques et des institutions sociales qui les ont aidés à stabiliser leurs niveaux de consommation et de demande globales. En outre, leurs marchés du travail ne sont pas flexibilisés, ce qui a permis de maintenir un certain niveau d'emploi.

Abstract.Using a "crisis management index" to rank the combined GDP and labour market performances of the EU's 27 Member States, the author considers why some countries performed better than others in managing the economic crisis over the period 2007–11. Based on empirical correlations and regression analysis, he concludes that the best performers share a coordinated market economy model: they feature a mix of economic policies and social institutions – including coordination mechanisms and tighter financial regulation – which helped to stabilize their levels of consumption and aggregate demand. Moreover, they do not have flexible labour markets and thus managed to maintain stable employment levels.

PART I: TRANSFORMATION, DECLINE AND UNSTABLE GROWTH Transition to Market: a Long and Undefined Journey The Great Transformation: Recession, Recovery and EU Conditionality PART II: INSTITUTIONAL CHANGE AND VARIETY OF CAPITALISM IN TRANSITION ECONOMIES Institutional Change: Old and New Institutionalism A Model of Institutional Change in Transition Economies Variety of Capitalism and Socio-Economic Models in Transition Economies PART III: CAPABILITY APPROACH, SOCIAL CAPITAL AND HUMAN DEVELOPMENT IN TRANSITION ECONOMIES Explaining Economic Development: Old and New Theories Institutions, Human Development, Economic Growth Origins of Development: Social Capital, Middle Class and Democracy Conclusion