ABSTRACT
This chapter highlights and expands the understanding of the types of capitalism in the Emerging Market Economies (EMEs). To begin to understand what the types and characteristics of the Varieties of Capitalism (VoCs) in the emerging markets are really like, a typology of capitalism was developed. More broadly speaking, because EMEs are fundamental for assuring the long-term sustainability of a broad range of policy issues, the research comes at a critical juncture in the evolution of international policy regimes. As the economic institutions of the EMEs are better understood, such considerations should play a greater role in the design and implementation of market-based policies. As a consequence, the varieties of capitalism that occur among EMEs also produce varying outcomes for environmental markets. The complex nature of the Clean Development Mechanism (CDM) also makes generalization to other carbon markets difficult.
