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Contestants, Profiteers, and the Political Dynamics of MarketizationHow Shareholders gained Control Rights in Britain, Germany, and France$
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Helen Callaghan

Print publication date: 2018

Print ISBN-13: 9780198815020

Published to Oxford Scholarship Online: January 2018

DOI: 10.1093/oso/9780198815020.001.0001

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(p.128) 6 Conclusion
Contestants, Profiteers, and the Political Dynamics of Marketization

Helen Callaghan

Oxford University Press

The final chapter highlights the theoretical significance of the findings, reflects on their generalizability, and outlines supplementary explanations. By identifying systematic differences in the policy feedback processes triggered by market-enabling and market-restraining rules, the book bridges a gap between abstract theories of institutional change and more specific theories on the dynamics of capitalist development. Apart from self-reinforcing and self-undermining feedback effects, several other features of economic governance in advanced industrialized democracies also shape pathways to marketization. These features include eventfulness and periodicity, economic interdependence, multilevel governance, the influence of ideas on the content and intensity of public debates, and institutional structures that mediate interests and ideas, including electoral systems, legal systems, and the division of regulatory competences between levels of government as well as between elected and unelected rule-makers.

Keywords:   institutional change, self-reinforcing, self-undermining, policy feedback, issue salience, political interdependence, multilevel governance

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