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The basic aim of this paper is to take a tour de force in order to put the  varieties of capitalism (VoC) approach in perspective and to assess its  limits and further prospects. There existed before it a certain stages-of  capitalism (SoC) approach with a long history. The SoC approach developed  largely under the influence of social and anthropological stage theories of  progress and of Marxism. Accordingly, capitalism as a mode of production was  perceived as progressing through commercial, industrial, and financial stage.  In this paper, this link will be recovered for the benefit of further  scholarship. We emphasize that the VoC approach, by the weight it puts on  efficiency tends to rank circumstantially the variety at issue, thereby  implying occasionally a desirable move towards the more efficient form. This  means that the elements forming a given variety may actually be matched with  the successive stages of a certain progress

From stages to varieties of capitalism: Lessons, limits and prospects