The article reviews the “Varieties of Capitalism” (VoC) approach and its large impact on the field of comparative political economy. It situates the approach within the field, and stresses its specificities. The article argues that VoC's firm-centeredness, parsimony, and reliance on conceptual tools borrowed from economics, fit better than other approaches to a Zeitgeist formed in the context of the demise of Western capitalism's alternatives, and the globalization-induced shift of societies’ center of gravity away from politics towards firms and markets. The article then revisits major debates that have followed the publication of the seminal Hall-Soskice book. The debates have revealed that VoC's greatest strengths, in the end, turn out to be obstacles when it comes to analyzing problems of contemporary capitalism.