Varieties of Liberalism: Anglo-Saxon Capitalism in Crisis?

S. Konzelmann, M. Fovargue-Davies and G. Schnyder

Working Papers from Centre for Business Research, University of Cambridge

Abstract: .'Global financial crisis' is an inaccurate description of the current upheaval in the world's financial markets. The initial banking crisis did not affect all countries to the same degree. Notably, while the US and UK banking systems were badly hit, those of the other two major Anglo-Saxon economies, Canada and Australia, remain largely unscathed and have even gained in terms of global market share. The national business systems and comparative corporate governance literatures underscore the similarities among these four 'liberal market economies' (LMEs) and would predict similar trajectories. This paper investigates the reasons behind the differing performance of the Anglo-Saxon banking systems, which defy a verdict of failure of the LME variety of capitalism as such.

Keywords: Corporate Governance; Regulation; Financial Market Instability; Varieties of Capitalism. (search for similar items in EconPapers)
JEL-codes: E32 E44 G38 N10 N20 P17 (search for similar items in EconPapers)
Date: 2010-06
Note: PRO-2
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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