French Corporate Governance in the New Global Economy: Mechanisms of Change and Hybridisation within Models of Capitalism

Ben Clift

Political Studies, 2007, vol. 55, issue 3, 546-567

Abstract: This article analyses the implications of the internationalisation of capital markets, and the influx of Anglo‐Saxon institutional investors, for the French model of capitalism. Its central contention is that the global convergence thesis misrepresents contemporary evolutions because it pays insufficient attention to mechanisms of change within models of capitalism. Secondly, framing analysis in terms of hybridisation and fragmentation of national models, rather than convergence, offers greater explanatory purchase over the French model, constitutes a more accurate characterisation, and helps avoid the ‘convergence or persistence’ impasse within models of capitalism analysis. In exploring French corporate governance, it emphasises the importance of specifying the role of institutional mechanisms as transmission belts of change as a precursor to an assessment of how far shifts in international political economic context bring about changes within French capitalism. Focusing on financial market regulation regime, new legislation in corporate governance and company law, and the market for corporate control as three key potential mechanisms of change, it finds that pre‐existing norms and structures endure, mediating the nature of a national political economy's articulation with the international context. Hybridisation and recombination of capitalist institutions drawn from different models provide a far more persuasive account than convergence.

Date: 2007
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
https://doi.org/10.1111/j.1467-9248.2007.00655.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:polstu:v:55:y:2007:i:3:p:546-567

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0032-3217

Access Statistics for this article

Political Studies is currently edited by Matthew Festenstein and Martin Smith

More articles in Political Studies from Political Studies Association
Bibliographic data for series maintained by Wiley Content Delivery ().