Varieties of Capitalism and Institutional Change

Abstract

Institutions underpin the operation of national economies. These differ significantly between countries reflecting varying historical paths, policy choices and national cultures. Moreover, they need to be understood systemically as an ensemble of relations between their component parts: financial systems, corporate governance, industrial relations, patterns of state intervention, etc., have evolved together so that their operation and effects tend to reinforce each other. Different countries faced by common exogenous changes will tend to evolve along different lines rather than converge. National institutions matter: they significantly affect economic performance and distribution.

Citation

Perraton, J. (2007), "Varieties of Capitalism and Institutional Change", Mjøset, L. and Clausen, T.H. (Ed.) Capitalisms Compared (Comparative Social Research, Vol. 24), Emerald Group Publishing Limited, Leeds, pp. 205-258. https://doi.org/10.1016/S0195-6310(06)24005-5