1. The long-term trajectories of institutional change in European capitalism Gregory Jackson and ... more 1. The long-term trajectories of institutional change in European capitalism Gregory Jackson and Richard Deeg 2. Like a phoenix from the ashes? Reassessing the transformation of the Swedish political economy since the 1970s Gerhard Schnyder 3. The trajectory of institutional change in Germany, 1979-2009 Gregory Jackson and Arndt Sorge 4. Changing French capitalism: political and systemic crises in France Bruno Amable, Elvire Guillaud and Stefano Palombarini 5. From the Southern-European model to nowhere: the evolution of Italian capitalism, 1976-2011 Marco Rangone and Stefano Solari 6. The role of state in development of socio-economic models in Hungary and Slovakia: the case of industrial policy Anil Duman and Lucia Kurekova 7. Strategic transformation and muddling through: industrial relations and industrial training in the UK Howard Gospel and Tony Edwards 8. The limits of Liberalization? American capitalism at the crossroads Richard Deeg
Page 1. Regional prosperities compared: Massachusetts and Baden-Wiirttemberg in the 1980s Charles... more Page 1. Regional prosperities compared: Massachusetts and Baden-Wiirttemberg in the 1980s Charles F. Sabel, Gary B. Herrigel, Richard Deeg, and Richard Kazis Abstract This article compares the relationship between economic ...
In the comparative political economy literature, Germany has long been viewed as a paradigm of co... more In the comparative political economy literature, Germany has long been viewed as a paradigm of coordinated capitalism thriving on the export of advanced manufactured goods. Central to this model was the close relationship between banks and the export-oriented sectors of the economy in which banks lent extensively while simultaneously holding shares and controlling votes in many large enterprises. This close relationship was understood to facilitate the long-term investment by firms in workforce skills and product innovation that is the foundation of export success. The dominant characterization of the German model stems from the varieties-of-capitalism (VoC) approach which focuses on the complementarities between different types of financial systems and other economic institutions. It has been a key weakness of this approach, however, that it could not account for dynamic, out-of-equilibrium developments (Streeck 2009): There is no law by which the business activities and interactio...
This paper seeks to explore the changing nature of institutional arrangements and complementarity... more This paper seeks to explore the changing nature of institutional arrangements and complementarity within the contemporary world. The paper highlights and explores the underlying reasons as to why national complementarities appear to be eroding or becoming less common than in preceding decades. It argues that these developments reflect the extent to which institutional arrangements are less closely coupled - and indeed may be partially disarticulated - making for uneven systemic change, with transformations in one area not necessarily leading to an unwinding in others. It is concluded the nature and extent of institutional coupling reflects not only national, but also supra-national relations and ties, highlighting the need for a more comprehensive theory of institutional space and scale across national boundaries.
This paper analyzes and compares the process of financialization and itsconsequences for politica... more This paper analyzes and compares the process of financialization and itsconsequences for political economic institutions in the United States and Germany. It advances the argument that the best way to explain institutional change and cross-national diversity is through an actor-centered institutional approach that recognizes how actors innovate within institutional and structural constraints to new pressures for change. It is argued that the high degree of financialization and market liberalization of the US economy was not pre-determined by structural forces or American culture, but a combined product of structural forces, institutional features of policymaking, and political choices. In Germany there is much less financialization than in the US, but it still led to institutional changes that opened up more space for some firms to construct firm-level institutional complementarities that deviate from the traditional German economic model. This supports a more general conclusion tha...
Historical institutionalism features extensively in the study of banking and financial regulation... more Historical institutionalism features extensively in the study of banking and financial regulation in Europe. This chapter reviews scholarship that explicitly, implicitly or inadvertently draws heavily on that tradition’s central tenets. The authors find that historical institutionalism can help explain the emergence, persistence, and evolution of distinct kinds of financial systems in Europe, as well as the pattern and effects of European financial integration. However, they find there is considerable untapped potential for historical institutionalism as an analytical approach for studying European financial market integration and regulation.
1. The long-term trajectories of institutional change in European capitalism Gregory Jackson and ... more 1. The long-term trajectories of institutional change in European capitalism Gregory Jackson and Richard Deeg 2. Like a phoenix from the ashes? Reassessing the transformation of the Swedish political economy since the 1970s Gerhard Schnyder 3. The trajectory of institutional change in Germany, 1979-2009 Gregory Jackson and Arndt Sorge 4. Changing French capitalism: political and systemic crises in France Bruno Amable, Elvire Guillaud and Stefano Palombarini 5. From the Southern-European model to nowhere: the evolution of Italian capitalism, 1976-2011 Marco Rangone and Stefano Solari 6. The role of state in development of socio-economic models in Hungary and Slovakia: the case of industrial policy Anil Duman and Lucia Kurekova 7. Strategic transformation and muddling through: industrial relations and industrial training in the UK Howard Gospel and Tony Edwards 8. The limits of Liberalization? American capitalism at the crossroads Richard Deeg
Page 1. Regional prosperities compared: Massachusetts and Baden-Wiirttemberg in the 1980s Charles... more Page 1. Regional prosperities compared: Massachusetts and Baden-Wiirttemberg in the 1980s Charles F. Sabel, Gary B. Herrigel, Richard Deeg, and Richard Kazis Abstract This article compares the relationship between economic ...
In the comparative political economy literature, Germany has long been viewed as a paradigm of co... more In the comparative political economy literature, Germany has long been viewed as a paradigm of coordinated capitalism thriving on the export of advanced manufactured goods. Central to this model was the close relationship between banks and the export-oriented sectors of the economy in which banks lent extensively while simultaneously holding shares and controlling votes in many large enterprises. This close relationship was understood to facilitate the long-term investment by firms in workforce skills and product innovation that is the foundation of export success. The dominant characterization of the German model stems from the varieties-of-capitalism (VoC) approach which focuses on the complementarities between different types of financial systems and other economic institutions. It has been a key weakness of this approach, however, that it could not account for dynamic, out-of-equilibrium developments (Streeck 2009): There is no law by which the business activities and interactio...
This paper seeks to explore the changing nature of institutional arrangements and complementarity... more This paper seeks to explore the changing nature of institutional arrangements and complementarity within the contemporary world. The paper highlights and explores the underlying reasons as to why national complementarities appear to be eroding or becoming less common than in preceding decades. It argues that these developments reflect the extent to which institutional arrangements are less closely coupled - and indeed may be partially disarticulated - making for uneven systemic change, with transformations in one area not necessarily leading to an unwinding in others. It is concluded the nature and extent of institutional coupling reflects not only national, but also supra-national relations and ties, highlighting the need for a more comprehensive theory of institutional space and scale across national boundaries.
This paper analyzes and compares the process of financialization and itsconsequences for politica... more This paper analyzes and compares the process of financialization and itsconsequences for political economic institutions in the United States and Germany. It advances the argument that the best way to explain institutional change and cross-national diversity is through an actor-centered institutional approach that recognizes how actors innovate within institutional and structural constraints to new pressures for change. It is argued that the high degree of financialization and market liberalization of the US economy was not pre-determined by structural forces or American culture, but a combined product of structural forces, institutional features of policymaking, and political choices. In Germany there is much less financialization than in the US, but it still led to institutional changes that opened up more space for some firms to construct firm-level institutional complementarities that deviate from the traditional German economic model. This supports a more general conclusion tha...
Historical institutionalism features extensively in the study of banking and financial regulation... more Historical institutionalism features extensively in the study of banking and financial regulation in Europe. This chapter reviews scholarship that explicitly, implicitly or inadvertently draws heavily on that tradition’s central tenets. The authors find that historical institutionalism can help explain the emergence, persistence, and evolution of distinct kinds of financial systems in Europe, as well as the pattern and effects of European financial integration. However, they find there is considerable untapped potential for historical institutionalism as an analytical approach for studying European financial market integration and regulation.
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