e-journal
Economic surplus and capitalist diversity
This paper develops a theoretical critique of the varieties of capitalism (VoC)approach from the perspective of ideas sourced from Marxian political economy.In particular, the concept of economic surplus as formulated by Paul Baran is used to question the social ontology implicit in VoC, which, it is argued, is severely constrained by its imprecise definitions of both capitalism itself and capitalist diversity as a specific phenomenon. The result of these two failures is
that VoC’s theoretical apparatus is unable to perceive the true significance of capitalist diversity, and is thus likewise incapable of telling us anything new about capitalism itself. In this way, key aspects of the institutionalist take on capitalist diversity are questioned, and an alternative analytical approach based on the labour theory of value is put forward.
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