The Varieties of Capitalism and Hybrid Success: Denmark in the Global Economy

John L. Campbell, Ove K. Pedersen

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    Proponents of the varieties of capitalism literature maintain that capitalist countries whose institutions best fit either the liberal market economy or coordinated market economy types will perform the best. Countries whose institutions are more mixed will perform less well. This paper challenges that assertion by focusing on Denmark—a country that has performed at least as well as many other advanced capitalist countries during the 1990s, including those that fit much more closely either the pure CME or LME types. Denmark has recently developed a more hybrid form than is generally recognized. The dynamic interaction of elements found in both liberal and coordinated types of capitalism have contributed to its success. This is demonstrated by analyses of the institutions that coordinate Danish labor markets, vocational training, and industrial policy.
    Original languageEnglish
    Place of PublicationKøbenhavn
    PublisherDepartment of Business and Politics. Copenhagen Business School
    Number of pages23
    ISBN (Print)8791690196
    Publication statusPublished - 2005

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