Varieties of Capitalism: The Institutional Foundations of Comparative Advantage
Peter A. Hall, David Soskice
OUP Oxford, Aug 30, 2001 - Business & Economics - 556 pages
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 and technological 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 argue that 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 nations to 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 the contemporary 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 the law.
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General Themes and Diverse Applications
Varieties of Labor Politics in the Developed Democracies
Institutional and Sectoral Interactions in Monetary Policy and Wage PriceBargaining
Social Protection and the Formation of Skills A Reinterpretation of the Welfare State
Firms and the Welfare State When Why and How Does Social Policy Matter to Employers?
The Domestic Sources of Multilateral Preferences Varieties of Capitalism in the European Community
Case Studies in Public Policy Continuity and Change
Revisiting the French Model Coordination and Restructuring in French Industry
Corporate Governance Firm Strategy and the Law
Varieties of Corporate Governance Comparing Germany and the UK
Macrovarieties of Capitalism and Microvarieties of Strategic Management in European Airlines
The Legal Framework for Corporate Governance The Influence of Contract Law on Company Strategies in Germany and the United States
Legal Irritants How Unifying Law Ends up in New Divergences
National Varieties of Standardization
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Page xiv - ELLWOOD is professor of public policy at the John F. Kennedy School of Government at Harvard University and a faculty research fellow at the National Bureau of Economic Research.
Page viii - I also gratefully acknowledge support through a grant from the Research and Writing Initiative of the Program on Global Security and Sustainability of the John D. and Catherine T. MacArthur Foundation.
Page 9 - North (1990: 3), we define institutions as a set of rules, formal or informal, that actors generally follow, whether for normative, cognitive, or material reasons, and organizations as durable entities with formally recognized members, whose rules also contribute to the institutions of the political...