In Entrepreneurial States, an innovative examination of the
comparative politics of reform in stakeholder systems, Yves
Tiberghien analyzes the modern partnership between the state and
global capital in attaining structural domestic change. The
emergence of a powerful global equity market has altered incentives
for the state and presented political leaders with a "golden
bargain" the infusion of abundant and cheap capital into domestic
stock markets in exchange for reform of corporate governance and
other regulatory changes.
Drawing on extensive archival research and interviews with
policy and corporate elites in Europe and East Asia, Tiberghien
asks why states such as Korea and France have embraced this
opportunity and engaged in far-reaching reforms to make their
companies more attractive to foreign capital, whereas Japan and
Germany have moved forward much more grudgingly. Interest groups
and electoral institutions have their impacts, but by tracing the
unfolding dynamic of reform under different constraints, Tiberghien
shows that the role of political entrepreneurs is critical. Such
policy elites act as mediators between global forces and national
constraints. As risk takers and bargain builders, Tiberghien finds,
they use corporate reform to reshape their political parties and to
stake out new policy ground. The degree of political autonomy
available to them and the domestic organization of bureaucratic
responsibility determine their ability to succeed."
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