ABSTRACT
Capitalism, or the system of business, varies between countries since it is the product of both local conditions and the transmission of ideas and practices from abroad. Attempts to generalise about capitalism are therefore fraught with diculties. The isomorphic notion that business systems in all countries would gradually converge to a single preferred best practice overlooks the uniqueness of locality.1 The varieties of capitalism (VoC) literature distinguished two dierent business systems, liberal market economies and coordinated market economies.2 While this provided pluralism with no convergence, many countries do not t easily or solely into either camp. There are further complications both with dynamics-over time aspects of a nation’s business system can change3, and geographic unit there may be heterogeneity at the sub-or supra-national level such as one country two capitalisms.
