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.|
|Page Range:||pp. 333-346|
|Access rights to Published version:||Open Access|
|References:||Chafer, T. & Godin, E. 2004 The Elusive French Exception Oxford: Berghahn Charkham, J. (1995) Keeping Good Company Oxford: Oxford University Press. Clift, B. 2004 ‘The French Model of Capitalism: Still Exceptional?’ in Perraton & Clift (eds.) Where Are National Capitalisms Now? (Palgrave 2004), pp 91-110. Clift, B. 2003a. French Socialism in a Global Era. London: Continuum. Clift, B. 2003b. ‘The Changing Political Economy of France: Dirigisme under Duress’. In M. Ryner, A. Cafruny, eds. A Ruined Fortress? Neo-Liberal Hegemony and Transformation Europe, pp. 173-200 New York: Rowman & Littlefield. Culpepper, P. 2004. ‘Capitalism, Coordination, and Economic Change: the French Political Economy since 1985’ viewed at http://ksghome.harvard.edu/~.pculpepper.academic.ksg/changes%20in%20French%20political%20economy,%20v2.pdf Gamble, A. 2004. ‘A British Miracle? The UK Model of Capitalism’, Paper presented at the PSA Conference, University of Lincoln, April 2004. Goyer, M. 2001. ‘Corporate Governance and the innovation system in France: 1985-2000’ Industry and Innovation. 8:2 : 135-158. Goyer, M. 2003. ‘The Transformation of Corporate Governance in France’ Brookings Institution, US-France analysis Series. Guyomarch, A., Machin, H., Ritchie, E. 1998. France in the European Union. Basingstoke: Macmillan. Hancké. B. 2002 Large Firms and Institutional Change Oxford University Press. Hancké. B. 2001. ‘Revisiting the French Model: Coordination and Restructuring in French Industry’. In D. Soskice, P. Hall, eds. Varieties of Capitalism, pp. 307-336 Hayward, J. 1986. The State and the Market Economy Brighton: Harvester Jeffers, E. & Magnier, V. 2002 ‘Le gouvernement des enterprises et les FIE au niveau international’ in Plihon & Ponssard (eds.) La montée en puissance des fonds d’investissement (Paris: La documentation Française), pp. 55-66. Kechidi, M. 2003. ‘Fusions et Acquisitions: la financiarisation des logiques de concentration’ Working Paper, LEREPS, Université de Toulouse. Levy, J. 2000. ‘France: Directing Adjustment?’ in F. Scharpf & V. Schmidt, Welfare and Work in the Open Economy: Volume 2, pp. 337-344. Oxford: Oxford University Press. Loriaux, M. 2003, ‘France: a new ‘capitalism of voice’?’ in Weiss (ed.) States in the Global Economy C.U.P. MacLean, M. 1999. ‘Corporate Governance in France and the UK: Long-Term Perspectives on Contemporary Institutional Arrangements’, Business History vol. 41, no. 1: 88-116. MacLean, M. 2002 Economic Management and French Business Palgrave. Morin, F. 1998. Le modèle francaise de détention et de gestion du capital: analyse, prospective et comparaisons internationales’ Paris: Editions de Bercy Morin, F. 2000. ‘A Transformation in the French Model of Shareholding and Management’, Economy and Society, vol. 29, no. 1: 36-53. Muet, P-A., Fonteneau, A. 1985. La Gauche face à la crise Paris: FNSP O’ Sullivan, M. 2001. ‘Continuity and Change in the French System of corporate governance’ INSEAD Working Paper. O’ Sullivan, M. 2003. ‘The political economy of comparative corporate governance’ Review of International Political Economy 10: 1 23-72. OECD (1999) Principes relatifs au gouvernement d’entreprise (Paris: OECD) Perraton, J. & Clift, B. (eds.) 2004. ‘Where Are National Capitalisms Now?’ Basingstoke: Palgrave. Schmidt, V. 1996. From State to Market? The Transformation of French Business and Government. Cambridge: Cambridge University Press. Schmidt, V. 1997. ‘Running on empty: the end of dirigisme in French economic leadership’, Modern and Contemporary France vol. 5, no. 2: 229-41. Schmidt, V. 1999. ‘Privatisation in France: The Transformation of French Capitalism’ Environment and Planning, vol. 17, no. 4: 445-61. Schmidt, V. 2003. ‘French capitalism transformed, yet still a third variety of capitalism’ Economy and Society, vol. 32, no. 4: 526-554. Shonfield, A. 1969. Modern Capitalism: The Changing Balance of Public and Private Power. London: Oxford University Press. Soskice, D. 1996 ‘Stakeholding Yes; the German Model No’ in Kelly, Kelly & Gamble (eds.) Stakeholder Capitalism (Basingstoke ; Macmillan) UNCTAD 2003. World Investment Report 2003: Country Fact Sheet: France Zysman, J. 1983. Government, Markets, Growth: Financial Systems and the Politics of Industrial Change. Ithaca: Cornell University Press.|
Actions (login required)