DUAL CONVERGENCE OR HYBRIDIZATION? INSTITUTIONAL CHANGE IN ITALY AND GREECE FROM THE VARIETIES OF CAPITALISM PERSPECTIVE
DUAL CONVERGENCE OR HYBRIDIZATION? INSTITUTIONAL CHANGE IN ITALY AND GREECE FROM THE VARIETIES OF CAPITALISM PERSPECTIVE

Summary/Abstract: The article tracks institutional changes within two central spheres for Varieties of Capitalism (VoC) theory: the industrial relations system and the finance/corporate governance system. Italy and Greece are examined in comparative perspective vis-à-vis CME and LME paradigm cases. The review of recent developments reveals that while industrial relations in both countries show signs of greater coordination, the finance/corporate governance system acquired increasingly liberal market characteristics. Thereby, this analysis casts doubt to the dual convergence thesis, arguing that the hybrid character of the two countries was exacerbated over the last two decades.

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