Всего статей в данном разделе : 30
Опубликовано на портале: 25-03-2008Peter A. Hall, Kathleen Thelen
Paper prepared for presentation to the Europeanists Conference, Chicago, March 2006. Comparative political economists have become deeply interested in processes of institutional change, and especially in those taking place in response to the opening of world markets associated with ‘globalization’. They are asking a number of questions. When do the institutions of the political economy change? What factors drive change? Are changes in the international economy enforcing institutional convergence on the developed economies? We take up these issues with reference to one of the more influential frameworks devised to explain national differences in economic performance and policy, namely the ‘varieties of capitalism’ perspective now employed by a substantial number of scholars
Japan's Shareholder Revolution [статья]
Опубликовано на портале: 20-12-2007Ronald Philip Dore CentrePiece Magazine. 2006. Vol. 11. No. 3. P. 22-24.
Over the past decade or so, there has been a fundamental change in what the managers of Japanese companies believe are their key objectives. Ronald Dore traces the country’s conversion to Anglo-Saxon capitalism - and growing concerns about the emergence of a new 'divided society'.
Making Sense of Globalisation [статья]
Опубликовано на портале: 20-12-2007Ronald Philip Dore CEP Occasional Papers. 2001. No. 16.
This paper, originally written as an encyclopaedia survey, considers as globalisation all the consequences of the long-term cheapening of, and expansion of the technical possibilities of - transport and communication; a process more or less uninterrupted since the improvements of navigation in the fifteenth century, though recently much accelerated. It considers five main areas of contemporary discussion: 1. How integrated global markets really are. (Not as much as one might think.) 2. How far globalisation erodes the sovereignty of nation-states, reducing their autonomy in making economic policy. (More for some than for others.) 3. The consequences of globalisation for the distribution of income among the world's population; both among nations (equalising for good learners, not for others) and within nations (generally unequalising). 4. The problematic growth of a transnational ‘world society’ (slow, probably unstoppable, but still a long way from creating a ‘world class system’) and international governance (hesitant and more likely to be hegemonic than conciliar). 5. The interaction of national economic, political, military and cultural power, and the possibility and desirability of retaining distinctive national institutions, embodying distinctive national value preferences and cultures. (in the end, as much a matter of neo-liberalism vs. social democracy as of the persistence of Germanness or Japaneseness).
National Institutions and High Tech Industries: A Varieties of Capitalism Perspective on the Failure of Germany’s “Neuer Markt” [статья]
Опубликовано на портале: 17-11-2008Sigurt Vitols, Lutz Engelhardt WZB Discussion Paper. 2005. No. 2005-03.
One of the more prominent recent failures in institutional innovation in Germany was the Neuer Markt (1997-2003), a special segment of the Frankfurt stock exchange designed for high-growth companies. Based in part on insights from the law and economics approach to agency theory, which emphasizes transparency in financial reporting and shareholder rights, the Neuer Markt was an attempt to promote high-tech sectors through increasing the supply of risk capital in Germany. Proponents of the agency approach have suggested that the Neuer Markt failed because reporting requirements and shareholder protection were still inadequate, and have argued for even stricter financial regulation. This paper offers an alternative explanation for the failure of the Neuer Markt based on the Varieties of Capitalism (VOC) approach. This explanation focuses on the complementarities between financial markets and labor markets. Successful entrepreneurial companies require both capital and experienced managers and scientists willing to take higher risks in search of higher returns. Although the supply of risk-friendly capital increased briefly in the late 1990s in Germany, labor markets did not fundamentally change. In particular, mobility in the market for mid-career scientists and managers remains quite low, making it difficult for startups to attract the experienced knowledge workers they need to succeed.
Опубликовано на портале: 25-03-2008Robert Boyer CEPREMAP Working Papers. 1996. No. 9620.
Опубликовано на портале: 07-02-2008Wolfgang Streeck Proceedings of OeNB Workshops. 2004. Vol. 1. No. 1. P. 101-115.
In the following I will discuss a few conceptual issues related to the notion of complementarity between economic institutions. My brief notes are not meant to debunk the concept. Quite to the contrary, they are a plea for more sophistication in its use. My central claim is that current usage of the concept makes too demanding assumptions on the rationality of the actors designing and enacting economic institutions. Moreover, it suggests too static a view of institutions. In both respects, it seems necessary to rethink and make explicit the microfoundations of the concept of complementarity, grounding it in both a realistic theory of rational action on the one hand and a dynamic theory of social institutions on the other.
Опубликовано на портале: 25-03-2008Robert Boyer CEPREMAP Working Papers. 2000. No. 2000-09.
Why is it that Germany and Japan, economic miracles of the 60's are nowadays perceived as ailing capitalisms and should they adopt a typical American market led capitalism? Can the German and Japanese Social Systems of Innovation (SSI) survive into the next century? Does the opposition between embedded and market-led capitalism provide a satisfactory interpretation? The answers to the three previous questions are respectively no, yes, and no. The paper first provides an institutional and statistical analysis of the Social System of Innovation of major OECD countries, then builds a Kaldorian endogenous growth model which captures three sources for technical change, and finally, uses this framework in order to elaborate some scenarios for the transformation of the Japanese and German economies.
Опубликовано на портале: 11-03-2008Michel Albert MPIfG Working Paper. 1997. No. 6.
The Global Apparel Value Chain: What Prospects for Upgrading by Developing Countries? United Nations Industrial Development Organization (UNIDO), Sectoral Studies Series. [статья]
Опубликовано на портале: 19-11-2007Gary Gereffi, Olga Memodovic
The paper uses the global value chain framework to explain the transformations in production, trade and corporate strategies that altered the apparel industry over the past decades and changed the conditions for innovation and learning in the industry. The apparel industry is identified as a buyer-driven value chain that contains three types of lead firms: retailers, marketers and branded manufacturers. With the globalization of apparel production, competition between the leading firms in the industry has intensified as each type of lead firm has developed extensive global sourcing capabilities. While “de-verticalizing” out of production, these firms are fortifying their activities in the high value-added design and marketing segments of the apparel chain, leading to a blurring of the boundaries between them and a realignment of interests within the chain. Innovation in the global apparel value chain is primarily associated with the shift from assembly to full-package production. Full-package production changes fundamentally the relationship between buyer and supplier giving more autonomy to the supplying firm and creating more possibilities for innovation and learning. The paper distinguishes between three new models of competition in the North American market namely the East Asian, Mexican and Caribbean Basin model. Each model presents different perspectives and challenges for industrial innovation and learning.
The Origins of Bank-Based and Market-Based Financial Systems. Germany, Japan, and the United States [статья]
Опубликовано на портале: 17-11-2008Sigurt Vitols WZB Discussion Paper. 2001. No. 01 - 302.
This paper examines the historical origins of the bank-based financial systems in Germany and Japan and the market-based financial system in the US. It critically examines the “timing of industrialization” (TOI) thesis, i.e. the assertion that variation in the current structure of financial systems can be explained by differences in the timing of the “take-off” phase of industrialization. The first major claim I make is that TOI overstates both the significance of bank-based finance for the rapid industrialization of Germany and Japan and the extent to which the financial systems really were different. Second, I argue that TOI understates the importance of different patterns of state regulation, particularly starting in the 1930s, for explaining postwar differences in the financial systems. The third claim I make is that differences in financial regimes are dependent not only upon the narrow issue of financial regulation but also on the nature of the regulation of labor, including welfare regimes.
Опубликовано на портале: 07-02-2008Wolfgang Streeck MPIfG Working Paper. 2001. No. 8.
Very large firms, the rising significance of small and medium-sized enterprises notwithstanding, still account for most of the employment and wealth creation in Europe and will continue to do so for the foreseeable future. They also to a large extent determine the political institutions that regulate the relationship between economy and society, in particular the status of workers and the way in which the public interest is brought to bear on the economy. This overview on the current transformation of corporate organization in Europe begins by asking whether there is in fact a European model of the large firm, despite the considerable differences that exist between European countries, and to what extent European integration is likely to bring about convergence on a more uniform pattern. Next, it reviews the changes in the organization of large European firms and in corporate governance in Europe during the 1990s, which took place in response to the evolution of two of the major "task environments" of firms, product markets and financial markets. Third, the paper discusses the consequences of corporate transformation for the social embeddedness of large European firms, especially the challenges posed by the ongoing changes in corporate organization to European systems of industrial citizenship of workers and to the capacity of European states and governments to hold large firms socially accountable. In conclusion, the paper emphasizes the growing autonomy of large firms as strategic actors and comments on the problems of corporate adjustment under high and endemic uncertainty.
Опубликовано на портале: 17-11-2008Sigurt Vitols WZB Discussion Paper. 2002. No. 02 - 901.
One of the key features of both the German and Japanese postwar political economies is a bank-based financial system. In the 1980s bank-based systems were widely perceived to be superior to market-based systems like the US and UK in their ability to provide long-term "patient" capital to industry. Since the early 1990s, however, the bank-based financial systems in both Japan and Germany have faced serious challenges, to the extent that their fundamental viability vis-à-vis market-based systems is being questioned. This paper assesses the potential paths of development for these bank-based systems and argues that change in the two countries is poorly captured by the "convergence-divergence" dichotomy. The first point made is that an examination of changes in financial systems should start with an analysis of the "societal foundations" of bank-based systems. Bank-based systems rest not just on a set of financial regulatory practices but also on the institutions and behavior of the household, corporate and public sectors as savers and investors. The second point made in this paper is that, although public policy choices are often presented in terms of a stark dichotomy between "liberal" and "non-liberal" modes of regulation (the former associated with market-based systems, the latter with bank-based systems), in fact both Germany and Japan are struggling to find a successful combination or "hybrid" of the two types of financial regulation. A third and final point is that banks play important (if diminished) roles even in market-based systems. The ultimate form that the coexistence of banks and markets will take in Japan and Germany depends on the creativity and efforts of policymakers and the banks themselves. Those interested in institutional design should try to preserve a viable banking system for SMEs and the household sector while simultaneously promoting stable capital markets for larger companies and high-tech start-ups.
Varieties of Capitalism and Institutional Complementarities in the Macro-Economy: An Empirical Analysis [статья]
Опубликовано на портале: 18-03-2008Peter A. Hall, Daniel W. Gingerich MPIfG, Discussion Paper. 2004. No. 5.
Using aggregate analysis, this paper examines the core contentions of the “varieties of capitalism” perspective on comparative capitalism. We construct a coordination index to assess whether the institutional features of liberal and coordinated market economies conform to the predictions of the theory. We test the contention that institutional complementarities occur across sub-spheres of the macroeconomy by examining the correspondence of institutions across sub-spheres and estimating the impact of complementarities in labor relations and corporate governance on rates of growth. To assess the stability of the institutional features central to the theory, we assess the dynamics of institutional change in recent years. The evidence suggests that there are powerful interaction effects among institutions across sub-spheres of the political economy that must be considered if the economic impact of institutional change in any one sphere is to be accurately assessed.
Varieties of Capitalism, Varieties of Markets: Mergers and Acquisitions in Japan, Germany, France, the UK and USA [статья]
Опубликовано на портале: 24-11-2008Gregory Jackson, Hideaki Miyajima RIETI Discussion Paper. 2007. No. 07-E-054.
This paper compares the characteristics of M&A in 1991-2005 across five countries: Japan, France, Germany, the UK and USA. We ask what factors explain the growth of M&A markets across these countries, and what similarities and differences exist in the ways the M&A market operates. We find that the growth of M&A reflects a rather similar combination of sectoral, international, and financial factors. However, despite some convergence toward increasing levels, we find important differences in the characteristics of M&A transactions that reflect institutional differences found within different national 'varieties of capitalism'. We find systematic differences between what Hall and Soskice (2001) call liberal market economies (UK and USA) and coordinated market economies (Japan, France, and Germany) across a wide range of in deal characteristics: takeover bids, the size of stakes purchased, the prior stakes held, the use of private negotiation, degree of hostility, and takeover premium. In line with theories of the social embeddedness of markets (Granovetter 1985), we find that in countries with 'coordinated' market economies, M&A reflects greater 'coordination' of transactions through on going business relations. As such, the market for corporate control does not necessary entail a convergence of national business systems, but a pattern of change influenced by strong continuities.
Опубликовано на портале: 25-03-2008Robert Boyer PSE Working Papers. 2005. No. 2005-39.
Contrary to the prognosis derived from the variety of capitalism literature, since the mid-90s the significant restructuring of large German corporations in the direction of shareholder value seems to have been compatible with the persistence of a genuine configuration of industrial relations, including co-determination at the firm level. This article investigates whether this is a long lasting compatibility and tests various research programs in institutional economics and thus explores the consequences alternative hypotheses about institutional complementarity or hierarchy, comparative institutional analysis, comparative historical analysis, hybridization and finally régulation theory. Even if the process is highly uncertain, one major conclusion emerges: the old German model is probably irreversibly transformed and is evolving towards an unprecedented configuration, with only mild and distant relations to a typical liberal brand of capitalism.