Capitalisms and Capitalism in the Twenty-First Century

The early twenty-first century is witnessing both an increasing internationalization of many markets, firms, and regulatory institutions, and a reinforcement of the key role of nation states in managing economic development, financial crises, and market upheavals in many OECD and developing economies. Drawing on a variety of interdisciplinary perspectives from leading US and European scholars, this book analyses how capitalism and national capitalisms are changing in this context. It focuses on the economic rise of new countries such as the BRICs, the increasing influence of regional organizations such as the EU and NAFTA, and new forms of private and public international regulation. It also considers how states are adapting their economic policies and processes in this new environment, and the consequences of these adaptations for inequality and risk within different societies. These changes are linked to how firms are developing new strategies for organizing global value chains and the application of scientific knowledge to the commercialization of products in contexts where financial markets are becoming more uncertain and crisis prone, and where different groups are making new demands for more effective forms of corporate governance and corporate social responsibility. Drawing on examples from Europe, North and Latin America, and Asia, it illustrates the complex ways in which different forms of national capitalism are adapting and changing their institutions in response to international financial markets, the global financial crisis, the development of cross-border value chains, and expansion of multinational firms.

1. Theoretical Contexts and Conceptual Frames for the Study of Twenty-First Century Capitalisms. Section 1: Political Authority and the Nation State in Twenty-First Century Capitalism. 2. Trading Blocks in the Twenty-First Century: Complexity and Consequences. 3. The Revival of Economic Patriotism. 4. National Varieties of Labour Market Exposure. Section 2: The International Context of Economic Organization. 5. Is there a Global Financial System? The Locational Antecedents and Institutionally Bounded Consequences of the Financial Crisis?. 6. Enabling Global Business Transactions: Relational and legal mechanisms. 7. Transnational Governance through Standard Setting: The role of transnational communities. 8. Innovation versus Going South: A Strategic Challenge for Capitalism in the Early Twenty-First Century. Section 3: The Organization of Firms and Markets in Twenty-First Century Capitalism. 9. Internationalization and the Institutional Structuring of Economic Organization: Changing Authority Relations in the Twenty-First Century. 10. Public Research Systems, Career Structures, and the Commercialization of Academic Science in Different Capitalisms. 11. Varieties of Offshoring? Spatial Fragmentation and the Organization of Production in Twenty-First Century Capitalism. 12. What is Happening to Corporations and What of their Future?. 13. Corporate Governance in Emerging Markets. 14. Political Embeddedness in China: Strengths and Limitations.

Glenn Morgan is Professor of International Management at Cardiff Business School. He was previously Professor of Organizational Behaviour at Warwick Business School. He is a visiting Professor at the Department for Business and Politics at Copenhagen Business School. He was editor of the journal Organization from 2003-8. Richard Whitley is Emeritus Professor of Organizational Sociology at Manchester Business School, University of Manchester. Recent authored and edited books include: Reconfiguring Knowledge Production (2010), Business Systems and Organizational Capabilities (2007), Changing Capitalisms? (2005), The Multinational Firm (2001), Divergent Capitalisms (1999) (all published by Oxford University Press), and Competing Capitalisms (2002) (Edward Elgar). He has edited two special issues of Organization Studies, one on The Dynamics of Innovation Systems (2000) and one on Institutions, Markets and Organisations (2005). In 1998-99 he served as the Chair of the European Group for Organizational Studies and in 1999-2000 was the President of the Society for the Advancement of Socio-economics. In 2007 he was elected a Foreign Member of the Royal Swedish Academy of Letters, History, and Antiquities.