This book examines when, how, and why internationalization affects
national economic institutions. It confronts questions at the heart
of debates in political economy and comparative politics: What does
internationalization of markets mean? Who are its carriers in
domestic arenas? Through which mechanisms does it affect decisions
about national institutional reform? What are the patterns of
institutional outcomes in the face of internationalization?
To respond to its questions, the book looks at developments in five
strategic sectors: securities trading, telecommunications,
electricity, airlines, and postal services. It compares four
countries, each representing a different 'variety of capitalism',
namely Britain, France, Germany, and Italy, over the period between
1965 and 2005. Thus it combines cross-national, historical, and
cross-sectoral comparisons.
The author distinguishes technological and economic forms of
internationalization from policy forms, namely regulatory change in
powerful overseas nations and by the EU. He shows that, contrary to
expectations, the first made little impact, whereas regulatory
reforms by the US, Britain, and the EU, undermined long-standing
national institutions. They did so by aiding governments to build
and lead reform coalitions, through increasing fears of regulatory
competition, offering occasions for reconsideration of existing
institutions and providing legitimation for new ones. Whilst the
impacts of policy forms of internationalization varied across
nations, giving rise to diverse reform paths, the overall
institutional outcomes were that all four countries adopted
increasingly similar reforms of economic institutions.
This book rejects the view that technological and economic forms of
internationalization drive institutional change in and of
themselves. Instead it shows that policy forms of
internationalization are influential because they become part of
domestic decision making and thereby spur reform, even of
deeply-entrenched national institutions.
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