‘Varieties of capitalism’ have been conventionally delineated by the varying
types of formal economy that exist. Given that the vast majority of employment
globally is in the informal economy, this paper offers a new analytical framework
which delineates varieties of capitalism by their degree of informalization and
the character of the informal economy. Examining South East Europe through
this lens using evidence from a 2007 Eurobarometer survey, the finding is that this
region is a ‘quasi-formal market economy’ and its informal economy composed
largely of quasi-formal employment relations, albeit with significant variations in
the degree and nature of the informal economy across different countries, sectors
and population groups.
