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Book cover: Comparative Social Research

Comparative Social Research

ISSN: 0195-6310
Series editor(s): Dr Fredrik Engelstad

Subject Area: Sociology and Public Policy

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Varieties of Capitalism and Institutional Change

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Title:Varieties of Capitalism and Institutional Change
Author(s):Jonathan Perraton
Volume:24 Editor(s): Lars Mjøset, Tommy H. Clausen ISBN: 978-0-7623-1313-6 eISBN: 978-1-84950-414-0
Citation:Jonathan Perraton (2007), Varieties of Capitalism and Institutional Change, in Lars Mjøset, Tommy H. Clausen (ed.) Capitalisms Compared (Comparative Social Research, Volume 24), Emerald Group Publishing Limited, pp.205-258
DOI:10.1016/S0195-6310(06)24005-5 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Article type:Chapter Item

Institutions underpin the operation of national economies. These differ significantly between countries reflecting varying historical paths, policy choices and national cultures. Moreover, they need to be understood systemically as an ensemble of relations between their component parts: financial systems, corporate governance, industrial relations, patterns of state intervention, etc., have evolved together so that their operation and effects tend to reinforce each other. Different countries faced by common exogenous changes will tend to evolve along different lines rather than converge. National institutions matter: they significantly affect economic performance and distribution.

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