Dual Convergence or Hybridization? Institutional Change in Italy and Greece from the Varieties of Capitalism Perspective
CEU Political Science Journal, Vol. 6, No. 1, pp. 47-82, 2011
36 Pages Posted: 5 Jun 2011
Date Written: April 1, 2011
The article tracks institutional changes within two central spheres for Varieties of Capitalism (VoC) theory: the industrial relations system and the finance/corporate governance system. Italy and Greece are examined in comparative perspective vis-à-vis CME and LME paradigm cases. The review of recent developments reveals that while industrial relations in both countries show signs of greater coordination, the finance/corporate governance system acquired increasingly liberal market characteristics. Thereby, this analysis casts doubt to the dual convergence thesis, arguing that the hybrid character of the two countries was exacerbated over the last two decades.
Keywords: corporate governance, industrial relations, comparative political economy, Greece, Italy.
JEL Classification: D40, E42
Suggested Citation: Suggested Citation