Varieties of Capitalism: The Institutional Foundations of Comparative Advantage

Paperback | August 1, 2001

EditorPeter A. Hall, David Soskice

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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 institutional advantage' 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.

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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 ...

Peter A. Hall is Frank G. Thomson Professor of Government and Harvard College Professor at Harvard University where he is also the Director of the Minda de Gunzburg Center for European Studies. He is the author or editor of several books and many articles on European politics, policy-making, and comparative political economy. His work...

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Format:PaperbackDimensions:570 pages, 9.21 × 6.14 × 1.18 inPublished:August 1, 2001Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199247757

ISBN - 13:9780199247752

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Table of Contents

1. Peter A. Hall and David Soskice: An Introduction to Varieties of CapitalismPart I: General Themes and Diverse Applications2. Kathleen Thelen: Varieties of Labor Politics in the Developed Democracies3. Robert J. Franzese, Jr.: Institutional and Sectoral Interactions in Monetary Policy and Wage-Price Bargaining4. Margarita Estevez-Abe, Torben Iversen, and David Soskice: Social Protection and the Formation of Skills: A Reinterpretation of the Welfare State5. Isabela Mares: Firms and the Welfare State: When, Why, and How Does Social Policy Matter to Employers?6. Orfeo Fioretos: The Domestic Sources of Multilateral Preferences: Varieties of Capitalism in the European CommunityPart II: Case-Studies in Public Policy, Continuity, and Change7. Stewart Wood: Business, Government, and Labour Market Policy in Britain and Germany8. Pepper D. Culpepper: Employers, Public Policy, and the Politics of Decentralized Cooperation in Germany and France9. Bob Hancke: Revisiting the French Model: Coordination and Restructuring in French IndustryPart III: Corporate Governance, Firm Strategy, and the Law10. Sigurt Vitols: Varieties of Corporate Governance: Comparing Germany and the UK11. Mark Lehrer: Macro-Varieties of Capitalism and Micro-Varieties of Strategic Management in European Airlines12. Steven Casper: The Legal Framework for Corporate Governance: The Influence of Contract Law on Company Strategies in Germany and the United States13. Gunther Teubner: Legal Irritants: How Unifying Law Ends Up in New Divergences14. Jay Tate: National Varieties of Standardization

Editorial Reviews

`This book has been well worth waiting for. It demonstrates the wealth of insights that could be achieved through Soskice's innovative research program that began to change the agenda of Comparative POlitical Economy more than a decade ago. The volume combines a definitive restatement of thevarieties of capitalism approach with illuminative applications to the range of research areas covered by it with some fascinating theoretical extensions. Excellent!'Professor F.W. Scharpf, Max Planck Institute for the Study of Societies, Cologne