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Our contribution discusses the field of comparative capitalism research and it application to emerging economies. Based on criteria for a critical institutional analysis we review alternative models for the analysis of emerging market capitalisms. In doing so, we identify the model of state-permeated market economies (SMEs) as a suitable reference for emerging economies. Finally, the model of SMEs is discussed in the context of South African capitalism.
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Nölke et al. (2013) studied this question.
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