Conclusion: The Futures of European Capitalism

Schmidt, Vivien A.

doi:10.1093/0199253684.003.0008

Cited by 233 publications

(399 citation statements)

References 191 publications

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“…Consistent with a body of ideational scholarship highlighting and exploring the causal and constitutive role of ideas in explaining political economic outcomes (Blyth 2002;Campbell 1998Campbell , 2004Hay 2001, 2004a, 2004b, Hall 1989, 1993Hay and Rosamond 2002;Schmidt 2002Schmidt , 2008, our account focuses on Weberian notions of verstehen, and how economic actors understand their environment, arguing that these understandings shape how change is enacted. We align with Woll in seeing economic rationality, in France and elsewhere, as socially constructed (2008,2010).…”

Section: Introductionmentioning

confidence: 76%

“…For example, when AXA boss Bébéar orchestrated the recapitalisation of Vivendi to avoid takeover, or when Prime Minister Raffarin and then Finance minister Sarkozy intervened to ward off Novartis and facilitate a merger between Aventis and Sanofi (O'Sullivan 2007: 429 -30). This indicates another postdirigiste particularity, further underscoring why French markets do not resemble British markets; the activist, interventionist role of the state (Schmidt 2002(Schmidt , 2003(Schmidt , 2009, and the anticipation that the French state will intervene in this way, formally or exploiting informal networks, when its corporate patrimony is threatened. Such readiness to ward off 'corporate raiders' indicates how board interlocks act not alone, but in concert, as part of a set of cumulative impediments to hostile takeovers and a freely functioning market for corporate control.…”

Section: Conceptions Of the Market And National Traditions Of Economimentioning

confidence: 99%

“…This article complements extant post-dirigiste interpretations by highlighting the key role of ideational legacies which provide the micro-foundations for our rejection of LME convergence thesis. Secondly, unlike VoC analysis (which is all but silent on the state), post-dirigisme insists upon the possibility of 'alternative types of capitalism distinguished by the extent and character of state intervention in the economy' (Jackson and Deeg 2008: 699, see also Schmidt 2002Schmidt , 2003Schmidt , 2009). Post-dirigisme foregrounds the state as actor in and enactor of markets, a crucial role not captured by VoC's parsimonious account.…”

Section: Introductionmentioning

confidence: 99%

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Comparative Capitalisms, Ideational Political Economy and French Post-DirigisteResponses to the Global Financial Crisis

Clift

2012

New Political Economy

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This article advances the case for the more systematic incorporation of ideational factors into comparative capitalisms analysis as a corrective to the rational choice proclivities of the Varieties of Capitalism approach. It demonstrates the pay-off of such an ideationally attuned approach through analysis of French capitalist restructuring over the last 25 years, placing it in comparative context. A modus operandi for such ideational explanation is elaborated through delineating different national conceptions of the market, and setting out their impacts on practices of market-making. The claim made in this article is that understanding the evolution of French capitalism requires recognition of the ongoing market-making role of the French State, in combination with the French conception of the market and its embedding within a social context characterised by the interpenetration of public and private elitist networks of France's 'financial network economy' which remains substantially intact. The ideational dimension is crucial because French understandings of the market and competition, the ideational building blocks of market-making, inform French state interventions and leave footprints on French institutions and market structures, and the evolutionary trajectory of French capitalism. In charting this trajectory, this article deploys the concept of post-dirigisme. We map out the parameters and causes of the post-dirigiste condition in France through examination of French bond market development, privatisation, the shift from a government-to a market-dominated financial system, and French capitalism's internationalisation. It then uses postdirigisme to explain French state responses to the financial crisis and the banking bailout, noting how state actors, in concert with the banking elites, actively facilitated dominant market positions of French international champions.

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Section: Introductionmentioning

confidence: 76%

Section: Conceptions Of the Market And National Traditions Of Economimentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Comparative Capitalisms, Ideational Political Economy and French Post-DirigisteResponses to the Global Financial Crisis

Clift

2012

New Political Economy

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“…In Germany, the main institutional support for this is provided by 19 This is largely for expository convenience: there is a large body of literature in comparative political economy in which broadly similar characterisations of these differences are presented, including Hollingsworth et al (1994), Crouch and Streeck (1997), Whitley (1999) and Schmidt (2002). The account of Hall and Soskice provided in this section draws heavily on the more detailed accounts in Keat (2008aKeat ( , 2009.…”

Section: Institutional Varieties Of Capitalismmentioning

confidence: 99%

Choosing Between Capitalisms: Habermas, Ethics and Politics

Keat

2009

Res Publica

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In Between Facts and Norms Habermas both accepts the place of distinctively ethical considerations about 'the good' in political deliberation, and advances a particular view of the nature and justification of ethical judgments. Whilst welcoming the former, this paper criticises the latter, with its focus on issues of identity and self-understanding, and suggests instead a broadly Aristotelian alternative. The argument proceeds, first, through a detailed engagement with Habermas's theoretical claims about ethical reasoning in politics, in which it is argued that he fails to show how different ethical possibilities can be critically evaluated, and second, through the analysis of a practical example, that of a political choice being made between different kinds of capitalism. Here the paper draws on recent work in comparative political economy on the institutional differences between varieties of capitalism, and uses this to contrast the implications of Habermas's conception of ethics, according to which what would matter is the congruence between economic institutions and a political community's historically shaped identity, with those of its preferred alternative, which requires a comparison between the different conceptions of the good that each kind of capitalism institutionally favours, and collective judgments about their respective contributions to human well-being.

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“…Therefore, their studies are static and explain well about continuity than changes. 22) On the other hand, studies about different variations and functions of discourse shows how to overcome conflicting interests; how to change the concept of interest; how to overcome institutional barriers; how to overcome the politicalcultural ones who ignores changes; and how to create a new political-cultural rule. 23) Therefore, it can explain how a state's power to its society can be exerted in reality based on the concept of a state's capacity and autonomy.…”

Section: Alternative Perspective For Categorizing State-society Relatmentioning

confidence: 99%

A Critical Review of the British State-Society Relation through Discourse Configuration for Policy-making

Yang¹

2007

IIS

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In light of the competing conceptions of the strength of the British state which lie behind contemporary debates on many of the topics to be dealt within a variety of literature, this article examines competing models of the British state. It explores the environmental factors that posed challenges to the British state's capacity to ensure the implementation of its policies, and the state's capacity to act autonomously in the policy process and its potential to structure, if not impose, patterns of political behavior on citizens and local governments. The specific focus of this article is an examination of the extent to which the British state is a political actor in its own right, with its own preferences, and with the capacity to influence the political process to its own ends. Someone may argue that the 1980's was a time which challenges the traditional understanding of the British state as a weak state. Instead, this article contends that the British state has been a strong state that has not been determined by the content of a certain policy idea, but by 'who drives the discourse channel toward the public acceptance.'

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Conclusion: The Futures of European Capitalism

Cited by 233 publications

References 191 publications

Comparative Capitalisms, Ideational Political Economy and French Post-DirigisteResponses to the Global Financial Crisis

Comparative Capitalisms, Ideational Political Economy and French Post-DirigisteResponses to the Global Financial Crisis

Choosing Between Capitalisms: Habermas, Ethics and Politics

A Critical Review of the British State-Society Relation through Discourse Configuration for Policy-making

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