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Varieties of Capitalism
Peter A. Hall,David Soskice +1 more
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A number of schemas have been proposed to explain why countries have often been able to secure substantial rates of growth in different ways, often with relatively egalitarian distributions of income as discussed by the authors.Abstract:
Scholarship on varieties of capitalism (VofC) explores the ways in which the institutions structuring the political economy affect patterns of economic performance or policy making and the distribution of well-being. Contesting the claim that there is one best route to superior economic performance, a number of schemas have been proposed to explain why countries have often been able to secure substantial rates of growth in different ways, often with relatively egalitarian distributions of income. Prominent among them is a VofC analysis focused on the developed democracies that distinguishes liberal and coordinated market economies according to the ways in which firms coordinate their endeavors. On the basis of institutional complementarities among subspheres of the political economy, it suggests that the institutional structure of the political economy confers comparative institutional advantages, notably for radical and incremental innovation, which explains why economies have not converged in the context of globalization. Although this framework is contested, it has inspired new research on many subjects, including the basis for innovation, the determinants of social policy, the grounds for international negotiation, and the character of institutional change. In this issue area, there is promising terrain for further research into the origins of varieties of capitalism, the factors that drive institutional change in the political economy, how institutional arrangements in the subspheres of the political economy interact with one another, the normative underlay for capitalism, and the effects of varieties of capitalism on multiple dimensions of well-being.
Keywords:
capitalism;
political economy;
globalization;
politics;
institutional change;
economic growth;
macroeconomics;
innovation;
complementarities;
social policyread more
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Managing competences in entrepreneurial technology firms: a comparative institutional analysis of Germany, Sweden and the UK
Steven Casper,Richard Whitley +1 more
TL;DR: The relative success of firms in fields with different appropriability and competence destruction risks is likely to vary between countries with contrasting patterns of labour market organisation as mentioned in this paper, and the relative significance of these varies between different sub-sectors, and so do managerial ways of dealing with them.
Journal ArticleDOI
De-globalization: Theories, predictions, and opportunities for international business research
TL;DR: In this article, the authors introduce two relevant theories of de-globalization from political science, liberalism and realism, and discuss the resulting opportunities in three areas of IB research: political strategies and roles of multinational enterprises (MNEs), global value chains, and the role of the national context.
Journal ArticleDOI
Global Standardization of Organizational Forms and Management Practices? What New Institutionalism and the Business‐Systems Approach Can Learn from Each Other*
Anne Tempel,Peter Walgenbach +1 more
TL;DR: In this paper, the authors focus on two institutionalist traditions in organization theory which make a significant contribution to this discussion: new institutionalism and the business-systems approach, emphasizing the adaptation of organizations to their institutional environments but come to very different conclusions as to the global standardization of organizational forms and management practices.
OtherDOI
Towards a New Paradigm of Development: Implications for the Determinants of International Business Activity
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Understanding regional variation in entrepreneurial activity and entrepreneurial attitude in Europe
Niels Bosma,Veronique Schutjens +1 more
TL;DR: In this article, the authors reveal the importance of institutional factors and economic and demographic attributes to variations in regional entrepreneurial attitude and activity, and point out the relevance of distinguishing between components of entrepreneurial attitudes, i.e. fear of failure in starting business, perceptions on start-up opportunities and self-assessment of personal capabilities to start a firm.
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