This essay reviews the development of approaches within the comparative capitalisms (CC) literature and points to three theoretical innovations which, taken together, define and distinguish these approaches as a group. First, national economies are characterized by distinct institutional...

The U.S. is often seen as being the paradigmatic case of the shareholder-oriented or market-based model to corporate governance, and described in terms of several inter-related elements: activist institutional investors, an open market for corporate control, independent outside directors on the...

Corporate governance in Germany is often described as a bank-oriented, block-holder or stakeholder model where markets for corporate control have not played a significant role. This case study of the hostile takeover of Mannesmann AG by Vodafone in 2000 demonstrates how systemic changes during...