From managed to market capitalism? German finance in transition

Susanne Lütz

No 00/2, MPIfG Discussion Paper from Max Planck Institute for the Study of Societies

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

Date: 2000
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