Vivien A. Schmidt
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199253685
- eISBN:
- 9780191600210
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199253684.003.0004
- Subject:
- Political Science, Comparative Politics
This chapter adds to the ‘varieties of capitalism’ literature by demonstrating that economic practices of countries are not converging on a one‐size‐fits‐all neo‐liberal model of capitalism, despite ...
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This chapter adds to the ‘varieties of capitalism’ literature by demonstrating that economic practices of countries are not converging on a one‐size‐fits‐all neo‐liberal model of capitalism, despite the fact that all have become more market‐oriented. Instead, they continue to be differentiable into not just two varieties of capitalism, conforming to liberal or coordinated market economies, but three, along lines of development from the original three postwar models of capitalism. The chapter contrasts the three varieties of capitalism in terms of interfirm relations, business‐government relations, and management‐labour relations; outlines the differential national pathways of adjustment of the countries conforming to the three varieties; highlights their continuing differences using indicators related to the financial markets and production systems; and considers their comparative advantages and disadvantages. It concludes that while British market capitalism has gone farther in its traditional market‐oriented direction, German managed capitalism is under strain, while French state capitalism has been transformed but has become neither market nor managed capitalist.Less
This chapter adds to the ‘varieties of capitalism’ literature by demonstrating that economic practices of countries are not converging on a one‐size‐fits‐all neo‐liberal model of capitalism, despite the fact that all have become more market‐oriented. Instead, they continue to be differentiable into not just two varieties of capitalism, conforming to liberal or coordinated market economies, but three, along lines of development from the original three postwar models of capitalism. The chapter contrasts the three varieties of capitalism in terms of interfirm relations, business‐government relations, and management‐labour relations; outlines the differential national pathways of adjustment of the countries conforming to the three varieties; highlights their continuing differences using indicators related to the financial markets and production systems; and considers their comparative advantages and disadvantages. It concludes that while British market capitalism has gone farther in its traditional market‐oriented direction, German managed capitalism is under strain, while French state capitalism has been transformed but has become neither market nor managed capitalist.
Gary Herrigel
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199557738
- eISBN:
- 9780191720871
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199557738.003.0098
- Subject:
- Business and Management, Political Economy
The chapter introduces the core arguments of part one. It outlines how the argument for creative action and recomposition in the postwar history of the steel industry in the US, Germany and Japan ...
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The chapter introduces the core arguments of part one. It outlines how the argument for creative action and recomposition in the postwar history of the steel industry in the US, Germany and Japan undermines the view, developed by the Varieties of Capitalism school of institutionalism, that countries have comparative institutional advantages in international industrial competitionLess
The chapter introduces the core arguments of part one. It outlines how the argument for creative action and recomposition in the postwar history of the steel industry in the US, Germany and Japan undermines the view, developed by the Varieties of Capitalism school of institutionalism, that countries have comparative institutional advantages in international industrial competition
Shawn Donnelly
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199579402
- eISBN:
- 9780191723087
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199579402.001.0001
- Subject:
- Political Science, European Union, International Relations and Politics
The regulation of financial markets and companies in Europe has undergone significant changes over the last decade. The Commission, Member States, and Parliament constructed regimes that facilitate ...
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The regulation of financial markets and companies in Europe has undergone significant changes over the last decade. The Commission, Member States, and Parliament constructed regimes that facilitate new legislation, sanction delegation to the Commission for financial market law, and structure the cross‐border regulation of companies within the single market. The substance of this book is about that regime development. In creating the regimes discussed in this book, European Union (EU) leaders contributed to the ongoing constitutionalization of Europe by contesting and constructing norms. Each of the regimes required an explicit definition of the vertical relationship between the EU and the member states, and of the horizontal relationship among the member states. It defined the kind of regulatory state that would be required, the mix of European and national bodies involved, and the procedures they were to follow in carrying out their functions. It also defined what kinds of national variation in related economic and social policy would be regarded as legitimate. As they made these agreements, European leaders simultaneously articulated what it meant to be a member state in the single market, and what it meant to delegate responsibilities to the EU. This constitutionalized these ideals by sorting out the issues of EU and national responsibilities in a powerfully authoritative way. The theory of this book is about demonstrating the normative foundations of these constitutional agreements and showing how they had to be built on the shoulders of national ones.Less
The regulation of financial markets and companies in Europe has undergone significant changes over the last decade. The Commission, Member States, and Parliament constructed regimes that facilitate new legislation, sanction delegation to the Commission for financial market law, and structure the cross‐border regulation of companies within the single market. The substance of this book is about that regime development. In creating the regimes discussed in this book, European Union (EU) leaders contributed to the ongoing constitutionalization of Europe by contesting and constructing norms. Each of the regimes required an explicit definition of the vertical relationship between the EU and the member states, and of the horizontal relationship among the member states. It defined the kind of regulatory state that would be required, the mix of European and national bodies involved, and the procedures they were to follow in carrying out their functions. It also defined what kinds of national variation in related economic and social policy would be regarded as legitimate. As they made these agreements, European leaders simultaneously articulated what it meant to be a member state in the single market, and what it meant to delegate responsibilities to the EU. This constitutionalized these ideals by sorting out the issues of EU and national responsibilities in a powerfully authoritative way. The theory of this book is about demonstrating the normative foundations of these constitutional agreements and showing how they had to be built on the shoulders of national ones.
Christel Lane and Jocelyn Probert
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780199214815
- eISBN:
- 9780191721779
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199214815.003.0002
- Subject:
- Business and Management, International Business, Political Economy
This chapter analyses the way national capitalisms interact with Global Value Chains (GVCs) / Global Production Networks (GPNs). It surveys the literature in each area and identifies both the ...
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This chapter analyses the way national capitalisms interact with Global Value Chains (GVCs) / Global Production Networks (GPNs). It surveys the literature in each area and identifies both the weaknesses of each approach and their complementary strengths. The national institutional frameworks which shape the activities of UK, US, and German clothing firms are outlined. The chapter additionally undertakes an analysis of the state as an actor in both the national and international arena, focusing on the concept of ‘competition state’. It concludes with a section which links the discussion of firm capabilities and strategy to the process of value chain fragmentation, as well as outlining a typology of firms in this industry.Less
This chapter analyses the way national capitalisms interact with Global Value Chains (GVCs) / Global Production Networks (GPNs). It surveys the literature in each area and identifies both the weaknesses of each approach and their complementary strengths. The national institutional frameworks which shape the activities of UK, US, and German clothing firms are outlined. The chapter additionally undertakes an analysis of the state as an actor in both the national and international arena, focusing on the concept of ‘competition state’. It concludes with a section which links the discussion of firm capabilities and strategy to the process of value chain fragmentation, as well as outlining a typology of firms in this industry.
Peter A. Hall and David Soskice (eds)
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199247752
- eISBN:
- 9780191596346
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199247757.003.0001
- Subject:
- Economics and Finance, Economic Systems
This chapter outlines the theoretical perspective behind a ‘varieties of capitalism’ approach to comparative political economy, emphasizing the central role of the firm as the agent of economic ...
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This chapter outlines the theoretical perspective behind a ‘varieties of capitalism’ approach to comparative political economy, emphasizing the central role of the firm as the agent of economic adjustment and the impact of the relationships it forms in the spheres of corporate governance, labour relations, skill formation, inter‐corporate relations, and employer–employee relations. It develops the distinction between liberal market economies, where firm endeavours are coordinated primarily by markets, and coordinated market economies, where coordination is more heavily strategic, and explores how the institutional complementarities in these economies give rise to distinctive forms of innovation as well as comparative institutional advantages that condition the response of firms and national governments both to globalization and to the dilemmas they face in the realms of economic and social policy‐making.Less
This chapter outlines the theoretical perspective behind a ‘varieties of capitalism’ approach to comparative political economy, emphasizing the central role of the firm as the agent of economic adjustment and the impact of the relationships it forms in the spheres of corporate governance, labour relations, skill formation, inter‐corporate relations, and employer–employee relations. It develops the distinction between liberal market economies, where firm endeavours are coordinated primarily by markets, and coordinated market economies, where coordination is more heavily strategic, and explores how the institutional complementarities in these economies give rise to distinctive forms of innovation as well as comparative institutional advantages that condition the response of firms and national governments both to globalization and to the dilemmas they face in the realms of economic and social policy‐making.
Howard Gospel and Andrew Pendleton (eds)
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780199263677
- eISBN:
- 9780191718373
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199263677.001.0001
- Subject:
- Business and Management, Corporate Governance and Accountability
This book is about the relationship between corporate governance regimes and labour management. It examines how finance and governance influence employment relationships, work organization, and ...
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This book is about the relationship between corporate governance regimes and labour management. It examines how finance and governance influence employment relationships, work organization, and industrial relations by means of a comparative analysis of Anglo-American, European, and Japanese economies. The starting point is the distinction widely found in the corporate governance, business systems, and political economy literature between countries dominated by ‘shareholder value’ conceptions of corporate governance and those characterized by ‘stakeholder’ regimes. By drawing on a wide range of countries, the book is able to demonstrate the complexities of corporate governance arrangements and to present a more precise and nuanced exploration of the linkages between governance and labour management. Each country-based chapter provides an analysis of the evolution and key characteristics of corporate governance, and then links this to labour management institutions and practices. The book goes beyond the ‘complementarities’ between governance and labour management systems identified in recent literature, and attempts to identify causal relationships between the two. It shows how labour management institutions and practices may influence finance and corporate governance systems, as well as vice versa. The chapters in this book illuminate current debates about the determinants of corporate governance, the convergence of national ‘varieties of capitalism’, and the impact of corporate governance on managerial behaviour. The book highlights the complexities of corporate governance systems and refines the distinction between market/outsider and relational/insider systems.Less
This book is about the relationship between corporate governance regimes and labour management. It examines how finance and governance influence employment relationships, work organization, and industrial relations by means of a comparative analysis of Anglo-American, European, and Japanese economies. The starting point is the distinction widely found in the corporate governance, business systems, and political economy literature between countries dominated by ‘shareholder value’ conceptions of corporate governance and those characterized by ‘stakeholder’ regimes. By drawing on a wide range of countries, the book is able to demonstrate the complexities of corporate governance arrangements and to present a more precise and nuanced exploration of the linkages between governance and labour management. Each country-based chapter provides an analysis of the evolution and key characteristics of corporate governance, and then links this to labour management institutions and practices. The book goes beyond the ‘complementarities’ between governance and labour management systems identified in recent literature, and attempts to identify causal relationships between the two. It shows how labour management institutions and practices may influence finance and corporate governance systems, as well as vice versa. The chapters in this book illuminate current debates about the determinants of corporate governance, the convergence of national ‘varieties of capitalism’, and the impact of corporate governance on managerial behaviour. The book highlights the complexities of corporate governance systems and refines the distinction between market/outsider and relational/insider systems.
Peter A. Hall and David Soskice (eds)
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199247752
- eISBN:
- 9780191596346
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199247757.001.0001
- Subject:
- Economics and Finance, Economic Systems
Applying the new economics of organization and relational theories of the firm to the problem of understanding cross‐national variation in the political economy, this volume elaborates a new ...
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Applying the new economics of organization and relational theories of the firm to the problem of understanding cross‐national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterize the ‘varieties of capitalism’ found among the developed economies. Building on a distinction between ‘liberal market economies’ and ‘coordinated market economies’, it explores the impact of these variations on economic performance and many spheres of policy‐making, including macroeconomic policy, social policy, vocational training, legal decision‐making, and international economic negotiations. The volume examines the institutional complementarities across spheres of the political economy, including labour markets, markets for corporate finance, the system of skill formation, and inter‐firm collaboration on research and development that reinforce national equilibria and give rise to comparative institutional advantages, notably in the sphere of innovation where LMEs are better placed to sponsor radical innovation and CMEs to sponsor incremental innovation. By linking managerial strategy to national institutions, the volume builds a firm‐centred comparative political economy that can be used to assess the response of firms and governments to the pressures associated with globalization. Its new perspectives on the welfare state emphasize the role of business interests and of economic systems built on general or specific skills in the development of social policy. It explores the relationship between national legal systems, as well as systems of standards setting, and the political economy. The analysis has many implications for economic policy‐making, at national and international levels, in the global age.Less
Applying the new economics of organization and relational theories of the firm to the problem of understanding cross‐national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterize the ‘varieties of capitalism’ found among the developed economies. Building on a distinction between ‘liberal market economies’ and ‘coordinated market economies’, it explores the impact of these variations on economic performance and many spheres of policy‐making, including macroeconomic policy, social policy, vocational training, legal decision‐making, and international economic negotiations. The volume examines the institutional complementarities across spheres of the political economy, including labour markets, markets for corporate finance, the system of skill formation, and inter‐firm collaboration on research and development that reinforce national equilibria and give rise to comparative institutional advantages, notably in the sphere of innovation where LMEs are better placed to sponsor radical innovation and CMEs to sponsor incremental innovation. By linking managerial strategy to national institutions, the volume builds a firm‐centred comparative political economy that can be used to assess the response of firms and governments to the pressures associated with globalization. Its new perspectives on the welfare state emphasize the role of business interests and of economic systems built on general or specific skills in the development of social policy. It explores the relationship between national legal systems, as well as systems of standards setting, and the political economy. The analysis has many implications for economic policy‐making, at national and international levels, in the global age.
Andrea M. Herrmann
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199543434
- eISBN:
- 9780191715693
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199543434.001.0001
- Subject:
- Business and Management, Strategy, Political Economy
This book examines how firms adapt to the pressures of increasing international competition by testing both the arguments on ‘strategy specialization’ proposed in the competitiveness literature in ...
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This book examines how firms adapt to the pressures of increasing international competition by testing both the arguments on ‘strategy specialization’ proposed in the competitiveness literature in general, and those offered by contributors to the ‘varieties of capitalism’ debate in particular. If different economies are characterized by distinct institutional arrangements — successful firms would be the ones that exploit their comparative advantages and specialize in the competitive strategies facilitated by national institutions. The book begins with an assessment of how many pharmaceutical firms in Germany, Italy, and the UK pursue strategies facilitated by national institutions governing financial markets, antitrust activities, and the labour market. Quantitative analyses reveal that deviant firms, competing through institutionally unsupported strategies, outnumber conforming firms by far. Not only does this finding run counter to the expectations of the competitiveness literature, it brings up a whole new line of inquiry. How can firms compete through strategies that are not supported by national institutions? To address this question, the book combines quantitative analyses with qualitative insights, showing that firms do not necessarily exploit comparative institutional advantages, but that they can successfully circumvent institutional constraints. International markets and individual collaboration on a contractual basis allow firms to compete despite comparative institutional disadvantages. These findings suggest that trade liberalization tends to foster strategy diversification rather than strategy specialization, depending on the inventiveness of entrepreneurs in developing individual approaches toward competing.Less
This book examines how firms adapt to the pressures of increasing international competition by testing both the arguments on ‘strategy specialization’ proposed in the competitiveness literature in general, and those offered by contributors to the ‘varieties of capitalism’ debate in particular. If different economies are characterized by distinct institutional arrangements — successful firms would be the ones that exploit their comparative advantages and specialize in the competitive strategies facilitated by national institutions. The book begins with an assessment of how many pharmaceutical firms in Germany, Italy, and the UK pursue strategies facilitated by national institutions governing financial markets, antitrust activities, and the labour market. Quantitative analyses reveal that deviant firms, competing through institutionally unsupported strategies, outnumber conforming firms by far. Not only does this finding run counter to the expectations of the competitiveness literature, it brings up a whole new line of inquiry. How can firms compete through strategies that are not supported by national institutions? To address this question, the book combines quantitative analyses with qualitative insights, showing that firms do not necessarily exploit comparative institutional advantages, but that they can successfully circumvent institutional constraints. International markets and individual collaboration on a contractual basis allow firms to compete despite comparative institutional disadvantages. These findings suggest that trade liberalization tends to foster strategy diversification rather than strategy specialization, depending on the inventiveness of entrepreneurs in developing individual approaches toward competing.
Vivien A. Schmidt
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199253685
- eISBN:
- 9780191600210
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199253684.003.0008
- Subject:
- Political Science, Comparative Politics
With regard to changes in policies, the book concludes that while countries have internationalized at different rates to varying degrees in different ways—with ‘internationalization’ rather than ...
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With regard to changes in policies, the book concludes that while countries have internationalized at different rates to varying degrees in different ways—with ‘internationalization’ rather than ‘globalization’, the better word to describe the process—Europeanization is a much stronger process, leading to much greater similarities in policies, even though differences remain. Moreover, Europeanization affects not only economic policies but also practices. Although nationally based varieties of capitalism continue to predominate today, in the future industrial sector‐based varieties reflecting the most internationally competitive of national varieties are more likely in an increasingly integrated Europe. As for discourse, these are certain to remain distinct even as they may serve to legitimate policies that are more and more similar and practices that are increasingly differentiated in terms of industrial sectors rather than national varieties of capitalism.Less
With regard to changes in policies, the book concludes that while countries have internationalized at different rates to varying degrees in different ways—with ‘internationalization’ rather than ‘globalization’, the better word to describe the process—Europeanization is a much stronger process, leading to much greater similarities in policies, even though differences remain. Moreover, Europeanization affects not only economic policies but also practices. Although nationally based varieties of capitalism continue to predominate today, in the future industrial sector‐based varieties reflecting the most internationally competitive of national varieties are more likely in an increasingly integrated Europe. As for discourse, these are certain to remain distinct even as they may serve to legitimate policies that are more and more similar and practices that are increasingly differentiated in terms of industrial sectors rather than national varieties of capitalism.
Steven Casper
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199269525
- eISBN:
- 9780191710025
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269525.003.0001
- Subject:
- Business and Management, Political Economy
How easily can governments alter the industrial structure of economies? This introductory chapter explores competing perspectives on the ability of governments to promote competitiveness within new ...
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How easily can governments alter the industrial structure of economies? This introductory chapter explores competing perspectives on the ability of governments to promote competitiveness within new technology industries, such as biotechnology and software. A first approach, widely shared by governments, is that policy can orchestrate the allocation of resources into new technology sectors needed to promote competitiveness. A second approach, widely endorsed by recent academic research, is that enduring national institutional frameworks strongly impact the governance of new technology firms. A popular strand of institutional research known as the “varieties of capitalism” approach makes particularly strong claims linking institutions to innovation. According to this perspective, most European economies have “organized” institutional frameworks that impede competitiveness in new technology industries. This chapter explores this debate, and sets the agenda used by the book to evaluate the extent to which institutional frameworks impact the ability of governments to promote competitiveness within new technology industries.Less
How easily can governments alter the industrial structure of economies? This introductory chapter explores competing perspectives on the ability of governments to promote competitiveness within new technology industries, such as biotechnology and software. A first approach, widely shared by governments, is that policy can orchestrate the allocation of resources into new technology sectors needed to promote competitiveness. A second approach, widely endorsed by recent academic research, is that enduring national institutional frameworks strongly impact the governance of new technology firms. A popular strand of institutional research known as the “varieties of capitalism” approach makes particularly strong claims linking institutions to innovation. According to this perspective, most European economies have “organized” institutional frameworks that impede competitiveness in new technology industries. This chapter explores this debate, and sets the agenda used by the book to evaluate the extent to which institutional frameworks impact the ability of governments to promote competitiveness within new technology industries.
Christel Lane and Jocelyn Probert
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780199214815
- eISBN:
- 9780191721779
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199214815.001.0001
- Subject:
- Business and Management, International Business, Political Economy
This book studies the way that British, American, and German firms in the clothing industry (manufacturing and retail) co-ordinate and govern their global production networks/value chains. It offers ...
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This book studies the way that British, American, and German firms in the clothing industry (manufacturing and retail) co-ordinate and govern their global production networks/value chains. It offers a multi-level analysis, concerned with processes of economic interaction between international, regional, and national economic institutions and actors. This combines an analysis of international/regional regulatory systems, global markets, and conditions in the developing countries where suppliers are found with a focus on the recent development of the clothing industry in three western countries. The book's study of firms' global networks focuses on the power relationships between western producers and retailers on the one hand and between buyer firms in developed and supplier firms in developing countries on the other. The book additionally investigates their impact on labour. Utilizing over a hundred interviews in six countries on three continents, it follows the value chain from developed to developing countries and studies the many issues which confront students of globalization at the current time. The book combines theoretical perspectives from economic sociology, political economy, and management and seeks to utilise the complementary strengths of the Varieties of Capitalism (VoC) approach and that of Global Production Networks/Value Chains.Less
This book studies the way that British, American, and German firms in the clothing industry (manufacturing and retail) co-ordinate and govern their global production networks/value chains. It offers a multi-level analysis, concerned with processes of economic interaction between international, regional, and national economic institutions and actors. This combines an analysis of international/regional regulatory systems, global markets, and conditions in the developing countries where suppliers are found with a focus on the recent development of the clothing industry in three western countries. The book's study of firms' global networks focuses on the power relationships between western producers and retailers on the one hand and between buyer firms in developed and supplier firms in developing countries on the other. The book additionally investigates their impact on labour. Utilizing over a hundred interviews in six countries on three continents, it follows the value chain from developed to developing countries and studies the many issues which confront students of globalization at the current time. The book combines theoretical perspectives from economic sociology, political economy, and management and seeks to utilise the complementary strengths of the Varieties of Capitalism (VoC) approach and that of Global Production Networks/Value Chains.
John Kelly and Carola Frege
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780199270149
- eISBN:
- 9780191710353
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199270149.003.0010
- Subject:
- Business and Management, Political Economy
The final chapter draws together the material on different union strategies and sums up the book’s main findings about the incidence of different strategies and their impact on union revitalization. ...
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The final chapter draws together the material on different union strategies and sums up the book’s main findings about the incidence of different strategies and their impact on union revitalization. This chapter explores the interconnections between strategies and tries to assess the conditions under which various types of union action are likely to be used and the conditions under which they are likely to be effective. Finally, this chapter considers the prospects for union revitalization in the years ahead.Less
The final chapter draws together the material on different union strategies and sums up the book’s main findings about the incidence of different strategies and their impact on union revitalization. This chapter explores the interconnections between strategies and tries to assess the conditions under which various types of union action are likely to be used and the conditions under which they are likely to be effective. Finally, this chapter considers the prospects for union revitalization in the years ahead.
Vivien A. Schmidt
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199253685
- eISBN:
- 9780191600210
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199253684.001.0001
- Subject:
- Political Science, Comparative Politics
European countries’ political‐economic policies, practices, and discourses have changed profoundly in response to Europeanization, even more so than in response to globalization, but they have not ...
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European countries’ political‐economic policies, practices, and discourses have changed profoundly in response to Europeanization, even more so than in response to globalization, but they have not converged. National policies may now be more similar, especially where they follow from common European policies, but they are not the same. National practices, although moving in the same general direction toward greater market orientation continue to be distinguishable into not just one or even two but three varieties of capitalism. And national discourses that generate and legitimize changes in policies and practices not only remain distinct, they matter. The book spans fields and combines theoretical insights with innovative methods to show that European countries have followed very different pathways of economic adjustment, and will continue to do so into the future. Of the three cases used in illustration, France is shown to have undergone the greatest amount of adjustment, having largely abandoned its interventionist policies and transformed its state‐led capitalism in response to both globalization and Europeanization, but without the benefits of a fully legitimizing discourse. Britain, by contrast, adjusted mainly in response to globalization while anticipating many of the pressures of Europeanization, and came up with a transformative discourse that largely legitimized its neo‐liberal policies and its move toward greater market capitalism. Germany, finally, felt global and European pressures latest, not until the 1990s, at which point it slowly began to alter its social market policies and to make its managed capitalism more competitive, also without the benefits of a fully legitimizing discourse.Less
European countries’ political‐economic policies, practices, and discourses have changed profoundly in response to Europeanization, even more so than in response to globalization, but they have not converged. National policies may now be more similar, especially where they follow from common European policies, but they are not the same. National practices, although moving in the same general direction toward greater market orientation continue to be distinguishable into not just one or even two but three varieties of capitalism. And national discourses that generate and legitimize changes in policies and practices not only remain distinct, they matter. The book spans fields and combines theoretical insights with innovative methods to show that European countries have followed very different pathways of economic adjustment, and will continue to do so into the future. Of the three cases used in illustration, France is shown to have undergone the greatest amount of adjustment, having largely abandoned its interventionist policies and transformed its state‐led capitalism in response to both globalization and Europeanization, but without the benefits of a fully legitimizing discourse. Britain, by contrast, adjusted mainly in response to globalization while anticipating many of the pressures of Europeanization, and came up with a transformative discourse that largely legitimized its neo‐liberal policies and its move toward greater market capitalism. Germany, finally, felt global and European pressures latest, not until the 1990s, at which point it slowly began to alter its social market policies and to make its managed capitalism more competitive, also without the benefits of a fully legitimizing discourse.
Steven Casper
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199269525
- eISBN:
- 9780191710025
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269525.003.0008
- Subject:
- Business and Management, Political Economy
Governments around the world are investing resources and designing policies aimed at promoting competitiveness in new technology industries. This chapter summarizes key findings from the study, ...
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Governments around the world are investing resources and designing policies aimed at promoting competitiveness in new technology industries. This chapter summarizes key findings from the study, emphasizing the on-going importance of national institutional frameworks in structuring patterns of innovation within the economy. While evidence from the US, UK, Germany, and Sweden support comparative institutional approaches such as the varieties of capitalism theory, evidence from the study does show that public policy is an important complement to institutions, and can be used to enhance national competitiveness in new technology industries.Less
Governments around the world are investing resources and designing policies aimed at promoting competitiveness in new technology industries. This chapter summarizes key findings from the study, emphasizing the on-going importance of national institutional frameworks in structuring patterns of innovation within the economy. While evidence from the US, UK, Germany, and Sweden support comparative institutional approaches such as the varieties of capitalism theory, evidence from the study does show that public policy is an important complement to institutions, and can be used to enhance national competitiveness in new technology industries.
Vivien A. Schmidt
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199253685
- eISBN:
- 9780191600210
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199253684.003.0001
- Subject:
- Political Science, Comparative Politics
Provides an overview of the book, introduces the main themes related to Europeanization, globalization, policy change, varieties of capitalism, and discourse, then provides an outline of the ...
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Provides an overview of the book, introduces the main themes related to Europeanization, globalization, policy change, varieties of capitalism, and discourse, then provides an outline of the chapters, and thanks sources.Less
Provides an overview of the book, introduces the main themes related to Europeanization, globalization, policy change, varieties of capitalism, and discourse, then provides an outline of the chapters, and thanks sources.
Michel Goyer
- Published in print:
- 2007
- Published Online:
- September 2008
- ISBN:
- 9780199206483
- eISBN:
- 9780191709715
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199206483.003.0007
- Subject:
- Business and Management, Political Economy
The research question of this chapter on corporate governance in France and Germany is two-pronged: to account for their different patterns of evolution, and to assess the implications for their ...
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The research question of this chapter on corporate governance in France and Germany is two-pronged: to account for their different patterns of evolution, and to assess the implications for their respective models of capitalism. The focus indicator of this chapter is the rise of hedge and mutual funds — two categories of short-term, impatient investors — in large French and German companies. The presence of these two types of institutional investors with their focus on shareholder value and the short-term trading strategies constitutes a novel and potentially radical developments in European corporate governance. The empirical data on the investment patterns of these two groups of investors reveals the greater attractiveness of French firms over their German counterparts. The argument presented in this chapter highlights the importance of firm-level institutional arrangements of workplace organization in accounting for this divergence in investment patterns. The high degree of power concentration of French firms provides for a better fit with the short-term horizons of hedge and mutual funds. Patterns of adjustment in French companies are unilaterally orchestrated, in sharp contrast to the negotiated nature of restructuring strategies in German firms. Key notions of the Varieties of Capitalism perspective — institutional interaction, institutional latency, and the distinction between institutional framework and the mode of coordination that follows from these institutions — illustrate the central role performed by firm-level institutional arrangements of workplace organization, and provide important theoretical insights to account for the divergence in the investment patterns of hedge and mutual funds.Less
The research question of this chapter on corporate governance in France and Germany is two-pronged: to account for their different patterns of evolution, and to assess the implications for their respective models of capitalism. The focus indicator of this chapter is the rise of hedge and mutual funds — two categories of short-term, impatient investors — in large French and German companies. The presence of these two types of institutional investors with their focus on shareholder value and the short-term trading strategies constitutes a novel and potentially radical developments in European corporate governance. The empirical data on the investment patterns of these two groups of investors reveals the greater attractiveness of French firms over their German counterparts. The argument presented in this chapter highlights the importance of firm-level institutional arrangements of workplace organization in accounting for this divergence in investment patterns. The high degree of power concentration of French firms provides for a better fit with the short-term horizons of hedge and mutual funds. Patterns of adjustment in French companies are unilaterally orchestrated, in sharp contrast to the negotiated nature of restructuring strategies in German firms. Key notions of the Varieties of Capitalism perspective — institutional interaction, institutional latency, and the distinction between institutional framework and the mode of coordination that follows from these institutions — illustrate the central role performed by firm-level institutional arrangements of workplace organization, and provide important theoretical insights to account for the divergence in the investment patterns of hedge and mutual funds.
Steven Casper
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199269525
- eISBN:
- 9780191710025
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269525.001.0001
- Subject:
- Business and Management, Political Economy
Through the 1990s and early 2000s, a strength of the United States economy has been its ability to foster large numbers of small innovative technology companies, a few of which have grown to dominate ...
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Through the 1990s and early 2000s, a strength of the United States economy has been its ability to foster large numbers of small innovative technology companies, a few of which have grown to dominate new industries, such as Microsoft, Genentech, or Google. US technology clusters such as Silicon Valley have become engines of innovation and wealth creation, and the envy of governments around the world. This book examines trajectories by which new technology industries emerge and become sustainable across different types of economies. Governments around the world have poured vast sums of money into policies designed to foster clusters of similar start-up firms in their economies. The book employs empirical studies of the biotechnology and software industries in the US and several European economies to examine the relative success of policies aimed at cultivating the “Silicon Valley Model” of organizing and financing companies in Europe. Research associated with the “varieties of capitalism” literature has argued that countries with liberal market orientations, such as the US and the UK, can more easily design policies to cultivate success in new technology industries compared to countries associated with organized economies, such as Germany and Sweden. The book's empirical findings support the view that national institutional factors strongly condition the success of new technology policies. However, the study also identifies important cases in which radically innovative new technology firms have thrived within organized economy. Through examining cases of both success and failure, this book helps identify constellations of market and governmental activities that can lead to the emergence of sustainable clusters of new technology firms across both organized and liberal market economies.Less
Through the 1990s and early 2000s, a strength of the United States economy has been its ability to foster large numbers of small innovative technology companies, a few of which have grown to dominate new industries, such as Microsoft, Genentech, or Google. US technology clusters such as Silicon Valley have become engines of innovation and wealth creation, and the envy of governments around the world. This book examines trajectories by which new technology industries emerge and become sustainable across different types of economies. Governments around the world have poured vast sums of money into policies designed to foster clusters of similar start-up firms in their economies. The book employs empirical studies of the biotechnology and software industries in the US and several European economies to examine the relative success of policies aimed at cultivating the “Silicon Valley Model” of organizing and financing companies in Europe. Research associated with the “varieties of capitalism” literature has argued that countries with liberal market orientations, such as the US and the UK, can more easily design policies to cultivate success in new technology industries compared to countries associated with organized economies, such as Germany and Sweden. The book's empirical findings support the view that national institutional factors strongly condition the success of new technology policies. However, the study also identifies important cases in which radically innovative new technology firms have thrived within organized economy. Through examining cases of both success and failure, this book helps identify constellations of market and governmental activities that can lead to the emergence of sustainable clusters of new technology firms across both organized and liberal market economies.
Andrea M. Herrmann
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199543434
- eISBN:
- 9780191715693
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199543434.003.0001
- Subject:
- Business and Management, Strategy, Political Economy
This introductory chapter gives an outline of the book. It develops the theoretical framework by combining insights from classical trade theory, the market-based view of strategic management studies, ...
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This introductory chapter gives an outline of the book. It develops the theoretical framework by combining insights from classical trade theory, the market-based view of strategic management studies, theories on national innovation systems, and the literature on varieties of capitalism. Interestingly, all these strands of the competitiveness literature agree in their expectation that firms within the same economy will respond to increasing competitive pressure by exploiting the comparative advantages of national institutions as they specialize in the facilitated competitive strategies. The chapter then presents the analytical approach and illustrates why a comparison of pharmaceutical firms in Germany, Italy, and the UK is particularly helpful for understanding how firms cope with increasing competitiveness. Since an initial comparison casts doubt on the specialization theory of the competitiveness literature, the chapter introduces the research question addressed throughout the book: how can firms compete despite comparative institutional disadvantages? It concludes with an overview of the findings obtained on functional institutional equivalents and links them back to theoretical debates on regional networks, strategic management views, and entrepreneurial creativity.Less
This introductory chapter gives an outline of the book. It develops the theoretical framework by combining insights from classical trade theory, the market-based view of strategic management studies, theories on national innovation systems, and the literature on varieties of capitalism. Interestingly, all these strands of the competitiveness literature agree in their expectation that firms within the same economy will respond to increasing competitive pressure by exploiting the comparative advantages of national institutions as they specialize in the facilitated competitive strategies. The chapter then presents the analytical approach and illustrates why a comparison of pharmaceutical firms in Germany, Italy, and the UK is particularly helpful for understanding how firms cope with increasing competitiveness. Since an initial comparison casts doubt on the specialization theory of the competitiveness literature, the chapter introduces the research question addressed throughout the book: how can firms compete despite comparative institutional disadvantages? It concludes with an overview of the findings obtained on functional institutional equivalents and links them back to theoretical debates on regional networks, strategic management views, and entrepreneurial creativity.
Orfeo Fioretos
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199247752
- eISBN:
- 9780191596346
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199247757.003.0006
- Subject:
- Economics and Finance, Economic Systems
Explains how variations in the structure of a country's economic system shape their preferences over other forms of multilateral international organizations. It specifically answers why Britain and ...
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Explains how variations in the structure of a country's economic system shape their preferences over other forms of multilateral international organizations. It specifically answers why Britain and Germany advocated different regulatory structures in the European Union's monetary, social, and industrial policies in the context of negotiating the content of the Maastricht Treaty. Theoretically, the paper explores ways in which the varieties of capitalism framework can be extended to the domain of international relations.Less
Explains how variations in the structure of a country's economic system shape their preferences over other forms of multilateral international organizations. It specifically answers why Britain and Germany advocated different regulatory structures in the European Union's monetary, social, and industrial policies in the context of negotiating the content of the Maastricht Treaty. Theoretically, the paper explores ways in which the varieties of capitalism framework can be extended to the domain of international relations.
Masahiko Aoki
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199218530
- eISBN:
- 9780191711510
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218530.003.0005
- Subject:
- Business and Management, Corporate Governance and Accountability, Strategy
This chapter first depicts an increasing diversity of Japanese corporations in which a non-traditional mode, characterized by market monitoring of relational employment, becomes emergent side-by-side ...
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This chapter first depicts an increasing diversity of Japanese corporations in which a non-traditional mode, characterized by market monitoring of relational employment, becomes emergent side-by-side with other modes as complements. This mode is interpreted as indicating the increasing essentiality of workers' cognitive assets in corporate cognitive systems, and it is argued that similar phenomena are evolving in other developed economies as well, modifying traditional national models. The chapter discusses the economic merits, social consequences, and political agendas associated with this emergent diversity in the global corporate landscape. Particularly it calls for the re-definition of the role of financial intermediaries and markets as infrastructures complementary to diverse corporate organizations as opposed to being their omnipotent principals.Less
This chapter first depicts an increasing diversity of Japanese corporations in which a non-traditional mode, characterized by market monitoring of relational employment, becomes emergent side-by-side with other modes as complements. This mode is interpreted as indicating the increasing essentiality of workers' cognitive assets in corporate cognitive systems, and it is argued that similar phenomena are evolving in other developed economies as well, modifying traditional national models. The chapter discusses the economic merits, social consequences, and political agendas associated with this emergent diversity in the global corporate landscape. Particularly it calls for the re-definition of the role of financial intermediaries and markets as infrastructures complementary to diverse corporate organizations as opposed to being their omnipotent principals.
