Path dependence as a concept in institutional theories has become increasingly popular in economics and other social sciences. The key idea is that in a sequence of events, the latter events are not (completely) independent from those that occurred in the past. Yet, common usage of the concept...

The paper examines whether and how the increasing internationalisation of firms impacts on the operation of a co-ordinated market economy. Following the tenets of agency theory it assumes that an emerging market for corporate control changes the monitoring mechanisms that oversee management....

Despite the emergence of new production systems, Europeanization and economic internationalization, the national arrangements of wage bargaining systems have not been eroded. The paper highlights the factors that counteract the pressures for a straightforward decentralization with reference to...