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From managed to market capitalism? German finance in transition

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  • Lütz, Susanne

Abstract

Deregulation, technological change, and the integration of markets increase the competitive pressures on forms of national and sectoral governance. The heart of the issue is whether the Continental, consensus-oriented model of capitalism is gravitating toward the Anglo-Saxon, market-oriented model. This essay examines the heuristic value of this convergence thesis, using the German financial sector and its relations to industry and government as a case in point. It will be argued that while institutional restructuring is taking place within Germany that reflects characteristics of Anglo-Saxon capitalism, institutional hurdles, such as federal structures and the veto power of certain societal lobbies, have thus far prevented such a convergence throughout the entire system.

Suggested Citation

  • Lütz, Susanne, 2000. "From managed to market capitalism? German finance in transition," MPIfG Discussion Paper 00/2, Max Planck Institute for the Study of Societies.
    • Handle: RePEc:zbw:mpifgd:002
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    1. Jonathan Story & Ingo Walter, 1997. "Political Economy of Financial Integration in Europe: The Battle of the Systems," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692031, December.
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    Cited by:

    1. Cornelia Woll, 2011. "Beyond Ideological Battles: A Strategic Analysis of Hedge Fund Regulation in Europe," Les Cahiers européens de Sciences Po 2, Centre d'études européennes (CEE) at Sciences Po, Paris.
    2. Beyer, Jürgen, 2002. "Deutschland AG a. D.: Deutsche Bank, Allianz und das Verflechtungszentrum großer deutscher Unternehmen," MPIfG Working Paper 02/4, Max Planck Institute for the Study of Societies.
    3. Daniel Mügge, 2006. "Reordering the Marketplace: Competition Politics in European Finance," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 991-1022, December.

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