Table 2.

Varieties of capitalism in comparison with the socialist systems in the 21st century.

Source: Authors’ compilation

	Capitalist systems	Socialist systems
1	Liberal states: Elections matter	x
	(a) Liberal market economies (as little state intervention as possible) E.g., Australia, Czech Republic, Hungary (until 2010), UK, and USA
	(b) Coordinated market economies, conservative version (with targeted social policy interventions) E.g., Post-WWII Germany
	(c) Coordinated market economy (Social-democratic version) E.g. Scandinavian countries
2	Illiberal democracies: Ethno-nationalist policies, but elections matter E.g., Hungary (since 2010), India (under Modi), Japan, Poland (since 2015), Russia (under Yeltsin), Singapore, Taiwan, and Turkey	x
3	Dictatorship or non-electoral autocracies: Politics and ideology trump economic rationale + there are no elections, or they do not matter E.g., China (1978-2012), Gulf monarchies, Iran, Russia (under Putin), several post-Soviet republics	Dictatorship: Politics is in command + Elections do not matter E.g., China (since 2012), Cuba, Laos, North Korea, and Vietnam