After the devastation of World War II, Germany and Japan built
national capitalist institutions that were remarkably successful in
terms of national reconstruction and international competitiveness.
Yet both "miracles" have since faltered, allowing U.S. capital and
its institutional forms to establish global dominance. National
varieties of capitalism are now under intense pressure to converge
to the U.S. model. Kozo Yamamura and Wolfgang Streeck have gathered
an international group of authors to examine the likelihood of
convergence to determine whether the global forces of
Anglo-American capitalism will give rise to a single, homogeneous
capitalist system.
The chapters in this volume approach this question from five
directions: international integration, technological innovation,
labor relations and production systems, financial regimes and
corporate governance, and domestic politics. In their introduction,
Yamamura and Streeck summarize the crises of performance and
confidence that have beset German and Japanese capitalism and
revived the question of competitive convergence. The editors ask
whether the two countries, confronted with the political and
economic exigencies of technological revolution and economic
internationalization, must abandon their distinctive institutions
and the competitive advantages these have yielded in the past, or
whether they can adapt and retain such institutions, thereby
preserving the social cohesion and economic competitiveness of
their societies."
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