After the collapse of the Soviet regime the question of types and models of capitalism is widely considered by many economists. All countries have their own approaches and characteristics of the market economy. There are distinguished several models of capitalism on the basis of which the economic policy of the modern states is conducted. This paper focuses on two most common and typical models of capitalism used in modern conditions: Anglo-Saxon and German models. This paper reviews and analyzes two models of capitalism in the sphere of economic relations: corporate governance, financial system, inter-firm relations and the competitive environment, labor relations and employment, workers’ training and education, social policy and also innovations.

Typologies of Capitalism: Comparison of Anglo-Saxon and German Models

In modern world economic systems of developed countries, which are called “capitalist” or “market”, are not the same and differ politically, socially, and economically. In economic science the question often arises on how many models of capitalism there are? The national economy of any state is unique, but there are general principles of economic organization that help to single out several models. Moreover, these models are called differently by various authors, and their number varies from two to five. But the most studied and recognized are the two models of capitalism: Anglo-Saxon and German. Each of these models of capitalism differs by the types of economic agents, organizational design and approaches to solve socio-economic problems.

The comparison of these models involves studying the model of institutional decisions. How are the relationships between the employee and the employer regulated? What are the main sources for investment of the firms? Who pays for the employee’s skill trainings and their further improvement? Within the limits of economic processes characteristic of economy of any country there are recognized some basic spheres of economic relations. Their institutionalized registration distinguishes one type of capitalism from the other. This paper analyzes two models of capitalism – Anglo-Saxon and German ones, and the main line of comparison here is the scope of economic relations: corporate governance, financial system, inter-firm relations and the competitive environment, labor relations and employment, workers’ training and the system of trainings, social policy as well as innovation.

The emergence of the different types and models of capitalism became particularly acute after the collapse of the Soviet regime. The first models of capitalism have been presented in the book of the French economist Michel Albert Capitalism Versus Capitalism and later on the typology of capitalism has been more thoroughly explored and substantiated in the book of Peter Hall and David Soskice Varieties of Capitalism. According to Hall and Soskice (2001) there are two types of market economy – liberal and coordinated. Liberal economic is inherent in the American model of capitalism, and the coordinated one is in the German model. Hall and Soskice treat in detail each of the two models in the framework of econom