Varieties of Capitalism The Institutional Foundations of Comparative Advantage

by Hall, Peter A.; Soskice, David

• ISBN13: 9780199247752
• ISBN10: 0199247757
• Format: Paperback
• Copyright: 2001-11-08
• Publisher: Oxford University Press

Summary

What are the most fundamental differences among the political economies of the developed world? How do national institutional differences condition economic performance, public policy, and social well-being? Will they survive the pressures for convergence generated by globalization andtechnological change? These have long been central questions in comparative political economy. This book provides a new and coherent set of answers to them. Building on the new economics of organization, the authors develop an important new theory about which differences among national political economies are most significant for economic policy and performance. Drawing on a distinction between 'liberal' and 'coordinated' market economies, they arguethat there is more than one path to economic success. Nations need not converge to a single Anglo-American model. They develop a new theory of 'comparative institutionaladvantage' that transforms our understanding of international trade, offers new explanations for the response of firms and nationsto the challenges of globalization, and provides a new theory of national interest to explain the conduct of nations in international relations. The analysis brings the firm back into the centre of comparative political economy. It provides new perspectives on economic and social policy-making that illuminate the role of business in the development of the welfare state and the dilemmas facing those who make economic policy in thecontemporary world. Emphasizing the 'institutional complementarities' that link labour relations, corporate finance, and national legal systems, the authors bring interdisciplinary perspectives to bear on issues of strategic management, economic performance, and institutional change. This pathbreaking work sets new agendas in the study of comparative political economy. As such, it will be of value to academics and graduate students in economics, business, and political science, as well as to many others with interests in international relations, social policy-making, and thelaw.

Table of Contents

List of Figures	xi
List of Tables	xii
List of Contributors	xiv
An Introduction to Varieties of Capitalism	1	(70)
Peter A. Hall
David Soskice
Part I: General Themes and Diverse Applications
Varieties of Labor Politics in the Developed Democracies	71	(33)
Kathleen Thelen
Institutional and Sectoral Interactions in Monetary Policy and Wage/Price-Bargaining	104	(41)
Robert J. Franzese, Jr.
Social Protection and the Formation of Skills: A Reinterpretation of the Welfare State	145	(39)
Margarita Estevez-Abe
Torben Iversen
David Soskice
Firms and the Welfare State: When, Why, and How Does Social Policy Matter to Employers?	184	(29)
Isabela Mares
The Domestic Sources of Multilateral Preferences: Varieties of Capitalism in the European Community	213	(34)
Orfeo Fioretos
Part II: Case Studies in Public Policy, Continuity, and Change
Business, Government, and Patterns of Labor Market Policy in Britain and the Federal Republic of Germany	247	(28)
Stewart Wood
Employers, Public Policy, and the Politics of Decentralized Cooperation in Germany and France	275	(32)
Pepper D. Culpepper
Revisiting the French Model: Coordination and Restructing in French Industry	307	(30)
Bob Hancke
Part III: Corporate Governance, Firm Strategy, and the Law
Varieties of Corporate Governance: Comparing Germany and the UK	337	(24)
Sigurt Vitols
Macro-varieties of Capitalism and Micro-varieties of Strategic Management in European Airlines	361	(26)
Mark Lehrer
The Legal Framework for Corporate Governance: The Influence of Contract Law on Company Strategies in Germany and the United States	387	(30)
Steven Casper
Legal Irritants: How Unifying Law Ends up in New Divergences	417	(25)
Gunther Teubner
National Varieties of Standardization	442	(32)
Jay Tate
Bibliography	474	(47)
Index	521