The Business Systems of the World's Leading 61 Economies: Institutional Comparison, Clusters, and Implications for Varieties of Capitalism and Business Systems Research

Efforts to build a universal theory of the world’s business systems require empirical grounding in an understanding of the variety that need explaining. To support such theorizing, we analyzed the institutional structures of 61 major economies, accounting for 93.5 percent of 2013 world GDP (PPP). We found nine main types of business systems: Highly Coordinated, Coordinated Market, Liberal Market, European Peripheral, Advanced Emerging, Advanced...