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Do 'liberal market economies' really innovate more radically than 'coordinated market economies'?: Hall and Soskice reconsidered

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Author Info

  • Akkermans, Dirk
  • Castaldi, Carolina
  • Los, Bart

Abstract

In Varieties of Capitalism; The Institutional Foundations of Comparative Advantage, Peter A. Hall and David Soskice (H&S) argue that technological specialization patterns are largely determined by the prevailing "variety of capitalism". They hypothesize that "liberal market economies" (LMEs) specialize in radical innovation, while "coordinated market economies" (CMEs) focus more on incremental innovation. Mark Zachary Taylor [Taylor, M.Z., 2004. Empirical evidence against varieties of capitalism's theory of technological innovation. International Organization 58, 601-631.] convincingly argued that Hall and Soskice's empirical test is fundamentally flawed and proposed a more appropriate test of their conjecture. He rejected the varieties of capitalism explanation of innovation patterns. We extend and refine Taylor's analysis, using a broader set of radicality indicators and making industry-level comparisons. Our results indicate that Hall and Soskice's conjecture cannot be upheld as a general rule, but that it survives closer scrutiny for a substantial number of industries and an important dimension of radicality.

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Bibliographic Info

Article provided by Elsevier in its journal Research Policy.

Volume (Year): 38 (2009)
Issue (Month): 1 (February)
Pages: 181-191

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Handle: RePEc:eee:respol:v:38:y:2009:i:1:p:181-191

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Web page: http://www.elsevier.com/locate/respol

Related research

Keywords: Varieties of capitalism Technological specialization Patent citations;

References

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  1. R. Piergiovanni & E. Santarelli, 1998. "Patents and the Geographic Localization of R&D Spillovers in French Manufacturing," Working Papers 327, Dipartimento Scienze Economiche, Universita' di Bologna.
  2. Jaffe, A.B. & Trajtenberg, M., 1992. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," Papers 14-92, Tel Aviv.
  3. Manuel Trajtenberg & Adam B. Jaffe & Michael S. Fogarty, 2000. "Knowledge Spillovers and Patent Citations: Evidence from a Survey of Inventors," American Economic Review, American Economic Association, vol. 90(2), pages 215-218, May.
  4. F. M. Scherer & Dietmar Harhoff & J, rg Kukies, 2000. "Uncertainty and the size distribution of rewards from innovation," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 175-200.
  5. Albert, M. B. & Avery, D. & Narin, F. & McAllister, P., 1991. "Direct validation of citation counts as indicators of industrially important patents," Research Policy, Elsevier, vol. 20(3), pages 251-259, June.
  6. Asheim, Bjørn & Coenen, Lars, 2005. "Contextualizing Regional Innovation Systems in a Globalizing Learning Economy: On Knowledge Bases and Institutional Frameworks," CIRCLE Electronic Working Papers 2005/5, Lund University, CIRCLE - Center for Innovation, Research and Competences in the Learning Economy.
  7. Wesley M Cohen & Richard R Nelson & John P Walsh, 2003. "Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (Or Not)," Levine's Working Paper Archive 618897000000000624, David K. Levine.
  8. Maurseth, Per Botolf & Verspagen, Bart, 2002. " Knowledge Spillovers in Europe: A Patent Citations Analysis," Scandinavian Journal of Economics, Wiley Blackwell, vol. 104(4), pages 531-45, December.
  9. Silverberg, G. & Verspagen, B., 2004. "The size distribution of innovations revisited: an application of extreme value statistics to citation and value measures of patent significance," Eindhoven Center for Innovation Studies (ECIS) working paper series 04.17, Eindhoven Center for Innovation Studies (ECIS).
  10. Steven Casper & Hannah Kettler, 2001. "National Institutional Frameworks And The Hybridization Of Entrepreneurial Business Models: The German And Uk Biotechnology Sectors," Industry and Innovation, Taylor & Francis Journals, vol. 8(1), pages 5-30.
  11. Utterback, James M & Abernathy, William J, 1975. "A dynamic model of process and product innovation," Omega, Elsevier, vol. 3(6), pages 639-656, December.
  12. Griliches, Zvi, 1990. "Patent Statistics as Economic Indicators: A Survey," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1661-1707, December.
  13. repec:fth:harver:1473 is not listed on IDEAS
  14. Taylor, Mark Zachary, 2004. "Empirical Evidence Against Varieties of Capitalism's Theory of Technological Innovation," International Organization, Cambridge University Press, vol. 58(03), pages 601-631, July.
  15. Klepper, Steven, 1996. "Entry, Exit, Growth, and Innovation over the Product Life Cycle," American Economic Review, American Economic Association, vol. 86(3), pages 562-83, June.
  16. Archibugi, Daniele & Pianta, Mario, 1992. "Specialization and size of technological activities in industrial countries: The analysis of patent data," Research Policy, Elsevier, vol. 21(1), pages 79-93, February.
  17. Carolina Castaldi & Bart Los, 2008. "The identification of important innovations using tail estimators," Innovation Studies Utrecht (ISU) working paper series 08-07, Utrecht University, Department of Innovation Studies, revised Feb 2008.
  18. Stefano Breschi, 2000. "The Geography of Innovation: A Cross-sector Analysis," Regional Studies, Taylor & Francis Journals, vol. 34(3), pages 213-229.
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Citations

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Cited by:
  1. Daron Acemoglu & James A. Robinson & Thierry Verdier, 2012. "Can't We All Be More Like Scandinavians? Asymmetric Growth and Institutions in an Interdependent World," NBER Working Papers 18441, National Bureau of Economic Research, Inc.
  2. Lionel Nesta & Francesco Nicolli & Francesco Vona, 2012. "Determinants of renewable energy innovation: environmental policies vs. market regulation," Sciences Po publications 2012-05, Sciences Po.
  3. Dodgson, Mark & Hughes, Alan & Foster, John & Metcalfe, Stan, 2011. "Systems thinking, market failure, and the development of innovation policy: The case of Australia," Research Policy, Elsevier, vol. 40(9), pages 1145-1156.
  4. Edward Lorenz, 2011. "Do Labour Markets and Educational and Training Systems Matter for Innovation Outcomes? A multi-level analysis for the EU-27," Post-Print halshs-00726797, HAL.
  5. Crafts, Nicholas & O’Rourke, Kevin Hjortshøj, 2014. "Twentieth Century Growth*This research has received funding from the European Research Council under the European Union’s Seventh Framework Programme (FP7/2007-2013) / ERC grant agreement no. 249546," Handbook of Economic Growth, in: Handbook of Economic Growth, edition 1, volume 2, chapter 6, pages 263-346 Elsevier.
  6. Ron Boschma, 2014. "Towards an evolutionary perspective on regional resilience," Papers in Evolutionary Economic Geography (PEEG) 1409, Utrecht University, Section of Economic Geography, revised Mar 2014.
  7. Zhou, H. & Dekker, R. & Kleinknecht, A., 2010. "Flexible Labor and Innovation Performance: Evidence from Longitudinal Firm-Level Data," ERIM Report Series Research in Management ERS-2010-007-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
  8. Taylor, Mark Zachary & Wilson, Sean, 2012. "Does culture still matter?: The effects of individualism on national innovation rates," Journal of Business Venturing, Elsevier, vol. 27(2), pages 234-247.
  9. Alessandro Nuvolari & Michelangelo Vasta, 2012. "The Ghost in the Attic? The Italian National Innovation System in Historical Perspective, 1861-2011," Department of Economics University of Siena 665, Department of Economics, University of Siena.
  10. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09j0h0ji242 is not listed on IDEAS
  11. Max-Peter Menzel & Johannes Kammer, 2012. "Industry Evolution in Varieties-of-Capitalism: a Survival Analysis on Wind Turbine Producers in Denmark and the USA," Papers in Evolutionary Economic Geography (PEEG) 1220, Utrecht University, Section of Economic Geography, revised Oct 2012.

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