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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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Journal ArticleDOI
Industrial Democracy: Historical Development and Current Challenges **
TL;DR: The Anglo-Saxon terminology, going back to S. and B. Webb, was compared with the German vocabulary of Wirtschaftsdemokratie and co-determination.
Journal ArticleDOI
The importance of vocational education institutions in manufacturing regions: adding content to a broad definition of regional innovation systems
TL;DR: In this article, the importance of vocational education institutions in regional innovation systems, and the role skilled workers have in implementing new technologies in manufacturing industri-e cation is explored.
Posted Content
Strategy Meets Institutions: The Transformation of Management-Labor Relations at Deutsche Telekom and NTT
Mari Sako,Gregory Jackson +1 more
Abstract: This comparison of labor-management relations at Deutsche Telekom (DT) and NTT Group (formerly Nippon Telephone and Telegraph) demonstrates the value of considering both institutions and strategic decision-making to understand the interaction between companies and unions. As corporations diversify, multi-divisional or holding company structures emerge, but the degree of diversity introduced in employment relations within the corporate group depends on the interaction between corporate strategy and the strategy of organized labor. The authors’ field research, based on interviews with managers and labor leaders, shows that despite a broadly similar corporate strategy of diversification by DT and NTT after the liberalization of telecommunication markets, employment relations became more decentralized—both for unions and for works councils—within the DT group than within the NTT group. This difference in outcomes is explained by the relative power and strategic choices of labor and management, rather than by constraints and opportunities specific to the existing national institutions.
Journal ArticleDOI
Institutional Models of Corporate Social Responsibility A Proposed Refinement of the Explicit-Implicit Framework
TL;DR: In this article, a development and refinement of the explicit-implicit framework is proposed for corporate social responsibility (CSR) forms using a cross-national variation in corporate social concern (CSRC).
Book
Built to Last: A Political Architecture for Europe
TL;DR: The Monitoring European Integration (MEI) series as discussed by the authors is an annual series of reports on the progress of economic integration in Europe, aimed at raising the level of public discussion on European policy issues.
References
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The Diversity of Modern Capitalism
TL;DR: In this article, the authors consider why institutional forms of modern capitalist economies differ internationally, and propose a typology of capitalism based on the theory of institutional complementarity, which is the outcome of socio-political compromises.
Book Chapter
Social protection and the formation of skills: a reinterpretation of the welfare state
TL;DR: The authors argue that workers will only make such risky investments when they have some insurance that their job or income is secure, otherwise, they will invest in general, and therefore portable, skills.
Journal ArticleDOI
Varieties of Capitalism and Institutional Complementarities in the Political Economy: An Empirical Analysis
TL;DR: This paper provided a statistical analysis of core contentions of the "varieties of capitalism" perspective on comparative capitalism and constructed indices to assess whether patterns of co-ordination in the OECD economies conform to the predictions of the theory and compared the correspondence of institutions across subspheres of the political economy.
Journal ArticleDOI
An Asset Theory of Social Policy Preferences
Torben Iversen,David Soskice +1 more
TL;DR: The authors argue that individuals who have made risky investments in skills will demand insurance against the possible future loss of income from those investments, and they test the theory on public opinion data for eleven advanced democracies and suggest how differences in educational systems can explain cross-national differences in the level of social protection.
Journal ArticleDOI
Setting the Rules of the Game: The Choice of Electoral Systems in Advanced Democracies
TL;DR: In this paper, the authors show that the existing wide variation in electoral rules across nations can be traced to the strategic decisions that the current ruling parties, anticipating the coordinating consequences of different electoral regimes, make to maximize their representation according to the following conditions.