By M. Allen
How do the environments during which companies function their good fortune or failure? Such questions have lengthy been of curiosity within the fields of industrial, economics and politics. they've got won in significance due to heightened aggressive pressures linked to "globalization". whereas a few see definite associations as burdens, others see them as a blessing. This ebook completely examines the most claims of an important contribution--the kinds of Capitalism paradigm--to this debate lately.
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Extra info for The Varieties of Capitalism Paradigm: Explaining Germany's Comparative Advantage? (New Perspectives in German Studies)
Example text
There are, however, important differences between these two schools of thought not only on the role that institutions can play in shaping the strategic preferences of actors, but also on the origins of institutions. Before discussing those main differences, this chapter will examine some of the broader similarities between the two approaches as well as some of their differences to the neo-classical paradigm. 16 The Varieties of Capitalism Paradigm Actor rationality and the ‘completeness’ of information The degree to which actors can be thought of as rational is one of the main ontological assumptions within any theory.
Thus, critics (of aspects) of the German economic model often point to the high levels of German direct investment, low levels of foreign direct investment in Germany (the Standortdebatte), high levels of unemployment in Germany (Siebert, 1997; Sinn, 2002), and the high number of bankruptcies to show that the ‘rational’ response of companies to Germany’s economic infrastructure is, respectively, to invest more abroad and less at home, to hire capital and not labour, or to go bust (see also Funk, 2003).
It is also assumed that actors are involved in a non-zero-sum game. In other words, by constraining the actions of employers, gains can be created for both them and employees. Within neo-classical economics – and within transaction cost economics when assessments of the effects of state-supported co-determination are made – however, the concept of power is often presented in a more negative light. In some ways, the concept of power in neo-classical writings on labour-market institutions shares many affinities with that used by classical pluralists.