A BICS-Variety of Capitalism?

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Challenges to the economic stability of large emerging economies: The cases of Brazil and India

This project has been terminated in 2021. For the final report see here.

This research project investigates two economies, Brazil and India, over the last decade. Both economies showed a considerable institutional stability in the first decade of the new millennium, exemplifying a type of state-permeated capitalism that works fundamentally different than Western capitalism.

The basic question is simple: why did Brazil end up in a recession and a breakdown of its institutional structure whereas India could sustain its state-capitalist path?

Arguing from a Comparative Capitalisms perspective, this project aims to develop an institutionalist explanation for this divergence. Doing so, it tries to contribute to ongoing debates about

* Options for developing and emerging economies to establish stable growth models

* Institutional stability and macroeconomic dynamics

* Institutional change within the comparative political economy paradigm.