From Managed to Market Capitalism? German Finance in Transition

In: German politics: Journal of the Association for the Study of German Politics, Band 9, Heft 2, S. 149-170

Abstract

Deregulation, technological change, & the integration of markets increase the competitive pressures on forms of national & 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 & its relations to industry & government as a case in point. It will be argued that while the institutional restructuring that is taking place within Germany reflects characteristics of Anglo-Saxon capitalism, institutional hurdles, such as federal structures & the veto power of certain societal lobbies, have thus far prevented such a convergence throughout the entire system. Adapted from the source document.