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Wettbewerbsfähigkeit und Dynamik institutioneller Standortbedingungen: Ein empirischer Test des "Varieties-of-Capitalism"-Ansatzes
Panuescu, Mihai | Schneider, Martin
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 124 (2004), Iss. 1 : pp. 31–59
1 Citations (CrossRef)
Towards a more dynamic theory of capitalist variety
Socio-Economic Review, Vol. 5 (2007), Iss. 1 P.149https://doi.org/10.1093/ser/mwl021 [Citations: 277]
Hall/ Soskice (2001) distinguish economies by the institutional arrangements into which companies are embedded, and they predict industry-specific comparative advantages: Liberal market economies (LMEs) such as the U.S. will hold advantages in hightech industries; coordinated market economies (CMEs) such as Germany will hold advantages in medium high-tech industries. We test this theory on data for 26 OECD countries. In cluster analyses, the two varieties of capitalism are affirmed. Liberal market economies specialize in high-tech industries, and coordinated market economies in medium high-tech industries, as predicted. In addition to the two varieties of capitalism, however, we identify as additional clusters the Mediterranean and the eastern European countries, and we find Japan as a special case. Moreover, the clusters cannot be considered as stable: From 1990 to 1999, a number of countries moves, in terms of their institutional arrangements, toward the liberal market model.