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Varieties of Capitalism in the Twentieth Century

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  • Dore, Ronald
  • Lazonick, William
  • O'Sullivan, Mary

Abstract

Of the world's multiple national variations on a basically capitalist system, the paper compares the century's history of four--the British and American, the two "pioneers" whose institutions and economic behaviour patterns most closely confirm to, and those of Germany and Japan whose institutions most significantly deviate from, the prescriptions of neoclassical textbooks. There is no obvious story of a long and steady process of gradual convergence--capitalist rationality slowly washing out the effects of differing cultural traditions. All four societies have changed in key respects; finance and corporate control structures were arguably more similar in the 1920s than later. By the end of the post-war golden age, there were signs of convergence on similar forms of managerial capitalism. The crucial, and for us unpredictable, question is how far the transition to shareholder capitalism in Britain and America over the last two decades will be duplicated in Germany and Japan. Copyright 1999 by Oxford University Press.

Suggested Citation

  • Dore, Ronald & Lazonick, William & O'Sullivan, Mary, 1999. "Varieties of Capitalism in the Twentieth Century," Oxford Review of Economic Policy, Oxford University Press, vol. 15(4), pages 102-120, Winter.
  • Handle: RePEc:oup:oxford:v:15:y:1999:i:4:p:102-20
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    Cited by:

    1. Ahrens, Joachim & Jünemann, Patrick, 2010. "Transitional institutions, institutional complementarities and economic performance in China: A 'Varieties of Capitalism' approach," Discourses in Social Market Economy 2010-11, OrdnungsPolitisches Portal (OPO).
    2. Palpacuer, Florence & Gibbon, Peter & Thomsen, Lotte, 2005. "New Challenges for Developing Country Suppliers in Global Clothing Chains: A Comparative European Perspective," World Development, Elsevier, vol. 33(3), pages 409-430, March.
    3. Peter Wirtz, 2004. "The Changing Institutions of Governance in Corporate France:What Drives the Process?," Working Papers CREGO 1040701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    4. Florence Palpacuer & Roland Pérez & Selma Tozanli & Julienne Brabet, 2006. "Financiarisation et globalisation des stratégies d’entreprise:le cas des multinationales agroalimentaires en Europe," Revue Finance Contrôle Stratégie, revues.org, vol. 9(3), pages 165-189, September.
    5. David Collison & Colin Dey & Gwen Hannah & Lorna Stevenson, 2010. "Anglo-American capitalism: the role and potential role of social accounting," Accounting, Auditing & Accountability Journal, Emerald Group Publishing, vol. 23(8), pages 956-981, October.
    6. Panayotis Kapopoulos & Sophia Lazaretou, 2009. "Does corporate ownership structure matter for economic growth? A cross-country analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 155-172.
    7. Killion, M. Ulric, 2010. "Post-global financial crisis: The measure of the “Beijing consensus” as a variety of capitalisms," MPRA Paper 26382, University Library of Munich, Germany.
    8. Mazumdar, Surajit, 2010. "Indian Capitalism: A Case that doesn’t Fit?," MPRA Paper 28162, University Library of Munich, Germany.
    9. William Lazonick, 2010. "Entrepreneurial Ventures and the Developmental State: Lessons from the Advanced Economies," Working Papers id:3167, eSocialSciences.
    10. Shin'ichi Hirota & Kohei Kawamura, 2002. "What Makes Autonomous Management Do Well?: Corporate Governance without External Controls," Yale School of Management Working Papers ysm270, Yale School of Management, revised 01 Sep 2002.
    11. David Collison & Stuart Cross & John Ferguson & David Power & Lorna Stevenson, 2012. "Legal Determinants of External Finance Revisited: The Inverse Relationship Between Investor Protection and Societal Well-Being," Journal of Business Ethics, Springer, vol. 108(3), pages 393-410, July.
    12. Lise Arena & Rani Jeanne Dang, 2010. "Learning lessons from the past: A historical exploration of a century of business education at Oxford and Cambridge (1900s-2000s)," Post-Print halshs-00721623, HAL.
    13. Lazonick, William, 2008. "Entrepreneurial Ventures and the Developmental State: Lessons from the Advanced Economies," WIDER Working Paper Series DP2008/01, World Institute for Development Economic Research (UNU-WIDER).

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