Path Dependence and Development

Gordon L. Clark and Paul Tracey
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Gordon L. Clark: University of Oxford
Paul Tracey: University of Cambridge

Chapter 3 in Global Competitiveness and Innovation, 2004, pp 45-68 from Palgrave Macmillan

Abstract: Abstract National systems of accumulation and regulation are vulnerable to mobile capital and international competition in local product markets. Debate rages, however, over the implications to be drawn from such observations. For some, capital mobility threatens cultural and linguistic traditions being a potent force of homogenisation. For others, capital mobility is vastly exaggerated being, more often than not, held in check by persistent national and regional traditions (Dicken 2000). For some, the nation-state epitomises the remarkable achievements of social democracy being the most appropriate scale for managing markets and protecting the welfare of those vulnerable to corrosive forces of market competition (Streeck 1997). For others, more ambivalent about 20th century history, market competition may have the virtue of disrupting local coalitions in the interests of European consumers.

Keywords: Social Capital; Corporate Governance; Economic Agent; Path Dependence; Capital Mobility (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-00773-4_3

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DOI: 10.1057/9780230007734_3

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