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Based on the Varieties of Capitalism (VoC) theory the development of economic systems is explored. Studies testing the VoC approach as a whole are rare and they reveal institutional change that contradicts and challenges the theoretically expected developments. During the 1990s, several Coordinated Market Economies (CME) display change towards institutional structures commonly found in Liberal Market Economies (LME). This thesis, relying on data from 16 countries, examines the differences between these changing CMEs and those that still show distinct CME structures at the end of the decade. According to Douglas North's Transaction Cost Theory of Institutional Change the study empirically investigates formal and informal constraints that may be capable of fostering or, respectively, hampering institutional change directed towards LME settings. In a quantitative analysis several formal parameters are considered (political system, property rights structure, juridical elements and economic integration). Moreover, socio-cultural factors are reviewed. It is usually agreed in the institution literature, at least at a theoretical level, that norms and values ought to be taken into account as explanatory factors. Explicit empirical testing can, however, scarcely be found. National differences in values as well as the issue of value change are traced with data provided by the World Values Study
List of contents
1;Geleitwort;6
2;Zusammenfassung;8
3;Vorwort;10
4;Contents;12
5;List of Tables;15
6;List of Figures;17
7;List of abbreviations;18
8;I. Introduction - dealing with change in economic systems;19
9;II. Why is it a problem for the VoC theory to observe that some CMEs shifted towards LME-institutions during the 1990s?;28
10;III. Exploring the potential of VoC-categories for illuminating CME-LME shifts, further mechanisms and theories that can explain the issue;39
11;IV. Developing hypotheses and operationalisations that adapt North's transaction cost concept to CMEs and LMEs;83
12;V. Empirical investigation - methodological choices and calculations for data adjustment;118
13;VI. Results of the study - which factors can explain the LME shifts witnessed by several CMEs?;145
14;VII. Summary and conclusions - Studying institutional change in a Varieties of Capitalism framework;204
15;A. Statistical hypotheses - abbreviations in summary tables;219
16;B. Variables - content and sources;221
17;Bibliography;230
