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Industry Evolution in Varieties of Capitalism: a Comparison of the Danish and US Wind Turbine Industries

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  • Max-Peter Menzel
  • Johannes Kammer

Abstract

In this study, we combine Klepper's framework on the evolution of industries with the Varieties of Capitalism approach to argue that industry evolution is mediated by institutional differences. We expect that new industries will evolve with a stronger connection to established industries in coordinated marked economies than in liberal market economies. Our assumptions are supported by the survival analysis of US and Danish wind turbine manufacturers from 1974 to 2014.

Suggested Citation

  • Max-Peter Menzel & Johannes Kammer, 2017. "Industry Evolution in Varieties of Capitalism: a Comparison of the Danish and US Wind Turbine Industries," Papers in Evolutionary Economic Geography (PEEG) 1716, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Jul 2017.
  • Handle: RePEc:egu:wpaper:1716
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    File URL: http://econ.geo.uu.nl/peeg/peeg1716.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    industry evolution; varieties of capitalism; heritage theory; wind turbine industry; institutions;
    All these keywords.

    JEL classification:

    • L64 - Industrial Organization - - Industry Studies: Manufacturing - - - Other Machinery; Business Equipment; Armaments
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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