Description

Write an essay of 1000 words (+/- 10%) including citations but excluding references, explaining what  is the best model for a market economy from a varieties of capitalism and national business systems perspective and why.

There are no definitively correct or incorrect answers to this question, instead the quality of each response will depend upon the strength and criticality of the argument.

Answers should begin by defining and describing key concepts such as, capitalism, market economies and the institutions of which they are comprised. A variety of approaches are available but most are likely to distinguish between LMEs and CMEs (Hall and Soskice) and to conclude that CMEs are preferable.

However, better answers will acknowledge that different solutions are likely to appeal to different actors, and that no one model is ideal. Instead, elements of different models are more or less morally defensible than others, again depending upon the perspective adopted.