Common Pressures, Diverse Paths: Securities Trading in France, West Germany, and Italy 1965–85
This chapter analyses how and why two forms of internationalisation — transnational technological and economic developments and reforms in the US — were met with institutional inertia, or at most limited divergent reforms in France, West Germany, and Italy between the mid-1960s and 1985. It shows that the two forms of internationalisation placed major pressures on traditional sectoral institutions that were very long-standing and protective of suppliers, such as public ownership of stock exchanges, legal monopolies, and the allocation of regulatory powers to governments and associations of brokers and exchanges. They led to debates in all three countries on modest reform proposals. Yet even limited alterations were largely blocked, due to the failure of governments to form a strong alliance with the leaders of stock exchanges that could overcome opposition to change. Instead, either poorly-functioning institutions were continued or non-institutional responses to internationalisation pressures were found.
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