Journal Article

Varieties of capitalism in the twentieth century

R Dore, W Lazonick and M O'Sullivan

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 15, issue 4, pages 102-120
Published in print December 1999 | ISSN: 0266-903X
Published online December 1999 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/15.4.102
Varieties of capitalism in the twentieth century

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Of the world's multiple national variations on a basically capitalist system, the paper compares the century's history of 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 neo-classical 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.

Journal Article.  0 words. 

Subjects: Economic Development and Growth ; Public Economics ; Political Economy ; Public Policy

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