Alternative paths to a modern social order: territoriality, market, and welfare in America and Europe
This chapter analyzes the development of a market economy and welfare system in both America and Europe. America and European nation-states have followed radically different paths of market-building. The institutionalizations of these different paths have constrained the strategies for dealing with the negative effects of the operation of the market. Since the turn of the 19th century, America has built a regulatory state, that is, an institutional apparatus designed to pursue market-correcting strategies. At the same time, even after World War II, the single European nation-states have continued to pursue market-substituting strategies, that is, they created institutional apparatuses for implementing some form of public control of the economy. It was within this different structuring of the relations between the market and the state that different types of welfare systems have developed on the two shores of the Atlantic.
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