Debating the restructuring of French capitalism and Anglo-Saxon institutional investors: trojan horses or sleeping partners?
Clift, Ben. (2004) Debating the restructuring of French capitalism and Anglo-Saxon institutional investors: trojan horses or sleeping partners? French Politics, Vol.2 (No.3). pp. 333-346. ISSN 1476-3419
WRAP_Clift_0370082-300609-french_politics_review_article.pdf - Requires a PDF viewer such as GSview, Xpdf or Adobe Acrobat Reader
Official URL: http://dx.doi.org/10.1057/palgrave.fp.8200062
Recent studies of French capitalism have unearthed how the French model has evolved into a more market-oriented capitalism, with considerably less direct state intervention. In the wake of the end of 'protected' restructuring between (roughly) 1983 and 1996, when the state's preponderant role was able to direct the adjustment process to a considerable degree, there has been a progressive dismantling of the protective cocoon behind which elites restructured the French economy. This article considers a range of scholarship analysing the nature of contemporary French capitalism. Focusing particularly on corporate governance and financial market internationalization, it argues that assertions of 'Anglo-Saxon' transformation should be treated with caution. It also identifies a need to establish the relative importance of 'statist' elements of the French model, asking whether they constitute a distinct variety of capitalism. It concludes that future research needs to focus on the impacts of changes in the ownership structure of French firms, and trace the causal mechanisms by which French capitalism is transformed, affording due weight to the different (national, regional, global) levels of analysis. Only then can firmer conclusions be drawn about the character of the complex institutional ensemble that is the French model of capitalism.
|Item Type:||Journal Article|
|Subjects:||H Social Sciences > HC Economic History and Conditions|
|Divisions:||Faculty of Social Sciences > Politics and International Studies|
|Library of Congress Subject Headings (LCSH):||Economics -- Political aspects -- France., Capitalism -- France., Stock exchanges -- France -- Management., Globalization -- Economic aspects -- France., France -- Economic policy -- 20th century.|
|Journal or Publication Title:||French Politics|
|Publisher:||Palgrave Macmillan Ltd.|
|Official Date:||December 2004|
|Page Range:||pp. 333-346|
|Access rights to Published version:||Open Access|
Chafer, T. & Godin, E. 2004 The Elusive French Exception Oxford: Berghahn
Actions (login required)