Mark Thatcher - Böcker

This book confronts some of the most important questions related to liberalization, regulation, and the role of the nation state in an increasingly international economy. In the face of powerful transitional pressures for change, to what extent are states able to maintain stable institutional frameworks? Do different domestic structures generate dissimilar patterns of policy-making and economic performance? How important are past institutional choices to subsequent reform? The author addresses these questions through a study of the transformations of a strategic economic sector, telecommunications, in Britain and France over the past three decades. It analyses the theoretical strengths and weaknesses of various models of public policy formation and, the role and reform of national institutions and the continuing role of the nation state.

Political economy debates have focused on the internationalisation of private capital, but foreign states increasingly enter domestic markets as financial investors. How do policy makers in recipient countries react? Do they treat purchases as a threat and impose restrictions or see them as beneficial and welcome them? What are the wider implications for debates about state capacities to govern domestic economies in the face of internationalisation of financial markets? In response, Foreign States in Domestic Markets have developed the concept of 'internationalised statism', where governments welcome the use of foreign state investments to govern their domestic economies. These foreign state investments are applied to the most prominent overseas state investors, Sovereign Wealth Funds (SWFs). Many SWFs are from Asia and the Middle East and their number and size have greatly expanded, reaching $9 trillion by 2020. This book examines policies towards non-Western SWFs buying company shares in four countries: the US, UK, France, and Germany. Although the US has imposed significant legal restrictions, the others have pursued internationalised statism in ways that are surprising given both popular and political economy classifications. This book argues that the policy patterns found are related to domestic politics, notably the preferences and capacities of the political executive and legislature, rather than solely economic needs or national security risks. The phenomenon of internationalised statism underlines that overseas state investment provides policy makers in recipient states with new allies and resources. The study of SWFs shows that internationalisation and liberalisation of financial markets offer national policy makers opportunities to govern their domestic economies.

Since the early 1990s, Europe's economies have been facing several new challenges: the 1992 single market programme, the collapse of the Berlin wall and eastward enlargement, and monetary unification. Building on the influential Varieties of Capitalism (VoC) perspective, first elaborated in detail in the book Varieties of Capitalism (OUP, 2001), this book critically analyzes these developments in the European political economy and their effects on the continental European economies. Leading political economists from Europe and the US debate how VoC can help understand the political-economic challenges that Europe is facing today and how understanding these new challenges can in turn enrich and enhance the VoC perspective. Thematically, the contributions to this volume are organised in four sections: * how the macro-economics of EMU influenced different European models of capitalism, * how the Single Market programme was received in the different institutional regimes in European capitalism, * how welfare and labour market reforms are debated and implemented, * how European capitalism travelled east after 1989. Preceding this is a spirited defence of the VoC approach by Peter Hall, and an introduction from the volume editors, considering the approach, and proposing extensions and amendments. This book demonstrates that the VoC approach remains, as the editors put it in their introduction, a rich seam to mine, capable of accommodating new developments, and theoretically flexible enough to branch out into new arguments.

This book examines when, how and why internationalisation affects national economic institutions. It confronts questions at the heart of debates in political economy and comparative politics: What does internationalisation of markets mean? Who are its carriers in domestic arenas? Through which mechanisms does it affect decisions about national institutional reform? What are institutional outcomes in the face of internationalisation?The book responds to its questions by looking at key economic institutions in five strategic sectors: securities trading, telecommunications, electricity, airlines and postal services. It compares across four countries that represent different 'varieties of capitalism', namely Britain, France, Germany and Italy, over the period between 1965 and 2005. Thus it combines cross-national, historical and cross-sectoral comparisons.The author distinguishes technological and economic forms of internationalisation from policy forms, notably decisions in powerful overseas nations and supranational regulation. He argues that, contrary to expectations, the first was met with institutional inertia. In contrast, policy forms of internationalisation, namely reforms in the US and European Union regulation, played significant roles in undermining long-standing national institutions. The book explores the mechanisms whereby policy forms of internationalisation were influential by looking at the strategies, coalitions and resources of key actors in national arenas. It also shows that institutional outcomes were surprising: all four countries, albeit through different routes, adopted increasingly similar reforms of economic institutions- privatisation, the ending of monopolies and delegation to independent regulatory agencies. The book rejects the view that technological and economic forms of internationalisation drive institutional change. It suggests that policy forms of internationalisation are more important because they become part of domestic decision making and aid the reform of well-established national institutions.

Since the early 1990s, Europe's economies have been facing several new challenges: the single market programme, the collapse of the Berlin wall and eastward enlargement, and monetary unification. Building on the influential Varieties of Capitalism (VoC) perspective, first elaboarted in detail in the book Varieties of Capitalism (OUP, 2001), this book critically analyzes these developments in the European political economy and their effects on the continental European economies. Leading political economists from Europe and the US debate how VoC can help understand the political-economic challenges that Europe is facing today and how understanding these new challenges can in turn enrich and enhance the VoC perspective. Thematically, the contributions to this volume are organised in four sections: * how the macro-economics of EMU have influenced different European models of capitalism, * how the Single Market programme was received in the different institutional regimes in European capitalism, * how welfare and labour market reforms are debated and implemented, * how European capitalism travelled east after 1989. Preceding this is a spirited defence of the VoC approach by Peter Hall, and an introduction from the volume editors, considering the approach, and proposing extensions and amendments. This book demonstrates that the VoC approach remains, as the editors put it in their introduction, a rich seam to mine, capable of accommodating new developments, and theoretically flexible enough to produce new and innovative hypotheses and arguments.

This book examines when, how, and why internationalisation affects national economic institutions. It confronts questions at the heart of debates in political economy and comparative politics: What does internationalisation of markets mean? Who are its carriers in domestic arenas? Through which mechanisms does it affect decisions about national institutional reform? What are the patterns of institutional outcomes in the face of internationalisation?To respond to its questions, the book looks at developments in five strategic sectors: securities trading, telecommunications, electricity, airlines, and postal services. It compares four countries, each representing a different 'variety of capitalism', namely Britain, France, Germany, and Italy, over the period between 1965 and 2005. Thus it combines cross-national, historical, and cross-sectoral comparisons.The author distinguishes technological and economic forms of internationalisation from policy forms, namely regulatory change in powerful overseas nations and by the EU. He shows that, contrary to expectations, the first made little impact, whereas regulatory reforms by the US, Britain, and the EU, undermined long-standing national institutions. They did so by aiding governments to build and lead reform coalitions, through increasing fears of regulatory competition, offering occasions for reconsideration of existing institutions and providing legitimation for new ones. Whilst the impacts of policy forms of internationalisation varied across nations, giving rise to diverse reform paths, the overall institutional outcomes were that all four countries adopted increasingly similar reforms of economic institutions. This book rejects the view that technological and economic forms of internationalisation drive institutional change in and of themselves. Instead it shows that policy forms of internationalisation are influential because they become part of domestic decision making and thereby spur reform, even of deeply-entrenched national institutions.

There is a growing interest in delegation to non-majoritarian institutions in Europe, following both the spread of principal-agent theory in political science and law and increasing delegation in practice. During the 1980s and 1990s, governments and parliaments in West European nations have delegated powers and functions to non-majoritarian bodies - the EU, independent central banks, constitutional courts and independent regulatory agencies. Whereas elected policymakers had been increasing their roles over several decades, delegation involves a remarkable reversal or at least transformation of their position. This volume examines key issues about the politics of delegation: how and why delegation has taken place; the institutional design of delegation to non-majoritarian institutions; the consequences of delegation to non-majoritarian institutions; the legitimacy of non-majoritarian institutions. The book addresses these questions both theoretically and empirically, looking at central areas of political life - central banking, the EU, the increasing role of courts and the establishment and impacts of independent regulatory agencies.

There is a growing interest in delegation to non-majoritarian institutions in Europe, following both the spread of principal-agent theory in political science and law and increasing delegation in practice. During the 1980s and 1990s, governments and parliaments in West European nations have delegated powers and functions to non-majoritarian bodies - the EU, independent central banks, constitutional courts and independent regulatory agencies. Whereas elected policymakers had been increasing their roles over several decades, delegation involves a remarkable reversal or at least transformation of their position. This volume examines key issues about the politics of delegation: how and why delegation has taken place; the institutional design of delegation to non-majoritarian institutions; the consequences of delegation to non-majoritarian institutions; the legitimacy of non-majoritarian institutions. The book addresses these questions both theoretically and empirically, looking at central areas of political life - central banking, the EU, the increasing role of courts and the establishment and impacts of independent regulatory agencies.

Why have neo-liberal economic ideas been so resilient since the 1980s, despite major intellectual challenges, crippling financial and political crises, and failure to deliver on their promises? Why do they repeatedly return, not only to survive but to thrive? This groundbreaking book proposes five lines of analysis to explain the dynamics of both continuity and change in neo-liberal ideas: the flexibility of neo-liberalism's core principles; the gaps between neo-liberal rhetoric and reality; the strength of neo-liberal discourse in debates; the power of interests in the strategic use of ideas; and the force of institutions in the embedding of neo-liberal ideas. The book's highly distinguished group of authors shows how these possible explanations apply across the most important domains - fiscal policy, the role of the state, welfare and labour markets, regulation of competition and financial markets, management of the Euro, and corporate governance - in the European Union and across European countries.

Why have neo-liberal economic ideas been so resilient since the 1980s, despite major intellectual challenges, crippling financial and political crises, and failure to deliver on their promises? Why do they repeatedly return, not only to survive but to thrive? This groundbreaking book proposes five lines of analysis to explain the dynamics of both continuity and change in neo-liberal ideas: the flexibility of neo-liberalism's core principles; the gaps between neo-liberal rhetoric and reality; the strength of neo-liberal discourse in debates; the power of interests in the strategic use of ideas; and the force of institutions in the embedding of neo-liberal ideas. The book's highly distinguished group of authors shows how these possible explanations apply across the most important domains - fiscal policy, the role of the state, welfare and labour markets, regulation of competition and financial markets, management of the Euro, and corporate governance - in the European Union and across European countries.

Comparing across policy domains, the contributions suggest that the ability of EU institutions to construct an EU political identity has been limited not only by existing national identities but also by the coexistence of rival EU political identities within policy domains.