By Lucian Cernat (auth.)
By combining insights from Europeanization, globalization, types of capitalism, and coverage move literature, this publication reconceptualizes the dynamics occurring throughout the ecu expansion approach and makes an important contribution to the certainty of the relationships among institutional transformation and financial performance.
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Extra info for Europeanization, Varieties of Capitalism and Economic Performance in Central and Eastern Europe
Both economy-wide studies and sectoral analyses have brought convincing evidence that Europeanization, as a force of institutional convergence, is far from achieving its goal (Crouch and Streeck 1997; Rhodes and van Apeldoorn 1997; Schmidt 2001). 43 Blaschke (2000), for instance, using multivariate regression analysis to investigate trends in union density in Western Europe in the period 1970--95, concludes that the evidence for the impact of European economic integration on organized labour is ambiguous and that national characteristics are persistent.
At the other extreme, an embedded state is a weak state 'captured' by a handful of private interests and prone to corruption, again with a detrimental impact on national economic development. 24 In constrast, developmental states can be characterized as cases of embedded autonomy, 25 whereby state and business collaborate positively to fulfil a common vision of economic transformation (Evans 1997). The capacity of various states to become developmental states depends upon two main factors: the quality of the state bureaucracy and the type of state-society interactions in place (Evans 1995, p.
This approach, according to Stark and Bruszt (1998), is followed more coherently in the 22 Europeanization and Economic Performance Czech Republic than in Hungary, and even more so when compared to East Germany. The cross-ownership of various enterprises and banks or other investment companies found in the Czech Republic resembles the Japanese keiretsu or the Korean chaebol (Stark and Bruszt 1998, p. 163). The authors' main argument is that an emerging institutional framework that builds on the pre-1989 networks may prove better suited to advancing the economic reforms efficiently than a market-based strategy.