Economy and Society
Опубликовано на портале: 12-11-2008Sigurt Vitols Economy and Society. 2001. Vol. 30. No. 4. P. 553-564.
Germany's bank-based financial system has been generally perceived as good at providing long-term debt finance to traditional industry but poor at supplying equity capital to high-tech start-ups. In 1997 a special segment of the Frankfurt stock exchange, the Neuer Markt, was founded to improve the supply of high-risk equity capital in Germany. The subsequent listing of over 300 companies on the Neuer Markt, many of them in technology-intensive sectors, has led to speculation that Germany is rapidly closing the gap with the US, the world leader in high technology. Contrary to this view, this article suggests that these companies have more in common with traditional German small and medium-sized companies (SMEs) than with the Silicon Valley model of governance and innovation.
How and Why Capitalisms Differ [статья]
Опубликовано на портале: 18-03-2008Robert Boyer Economy and Society. 2005. Vol. 34. No. 4. P. 509-557.
The variety of capitalism school (VOC) and regulation theory (TR) are both analyses of the diversity of contemporary national economies. If VOC challenges the primacy of liberal market economies (LME) and stresses the existence of an alternative form, i.e. coordinated market economies (CME), TR starts from a long-term analysis of the transformation of capitalism in order to search for alternatives to the Fordist regime that emerged after the post-Second World War era. Both approaches make intensive use of international comparisons, challenge the role of market as the exclusive coordinating mechanism, and raise doubts about the existence of a ‘one best way’ for capitalism. Finally, they stress that globalization does deepen the competitive advantage associated with each institutional architecture. Nevertheless, their methodology differs: VOC stresses private firm governance, whereas TR considers the primacy of systemic and macroeconomic coherence. Whereas for VOC there exist only LME and CME, TR recurrently finds at least four brands of capitalism: market-led, meso-corporatist, social democrat and State-led. VOC seems to consider that the long-term stability of each capitalism can be challenged only by external shocks, but TR stresses the fact that the very success of a regulation mode ends up in a structural crisis, largely endogenous.
Опубликовано на портале: 25-03-2008Robert Boyer Economy and Society. 2000. Vol. 29. No. 1. P. 111-145 .
The viability and desirability of a nance-led growth regime is rst assessed against the historical evidence about the many alternative regimes that have been proposed as successors to Fordism. A purely hypothetical model is then built by assembling various hypotheses derived from the observation of current American trends. The imposition of nancial norms, such as shareholder value, requires a new and coherent architecture for the mode of governance of rms, the form of competition, the wage labour nexus and the objectives of monetary policy, public budget and tax system. According to the model, any requirement for increased pro t has a variable macro-economic impact on wages and economic activity according to the size of accelerator effects and the relative importance of wage and pro t in income formation. The stability of an equity-based regime depends on monetary policy which controls nancial bubbles and thus the diffusion of nance may push the economy into a zone of structural instability. The next major nancial crisis may originate in the USA whose economy approximates most closely to the model. But, the so-called American ‘new economy’ combines diverse but interdependent structural transformations: diffusion of Information and Communication Technologies, search for new rules for competition, increased exibility in wages and employment, shift from manufacturing to services. Finance is an element in, but not the whole of, this complex emerging regime.