The fact that innovative capitalism needs institutional co-evolution has widely been recognized with respect to pro … providing indispensable systemic infrastructure. These adaptations facilitate the innovative expansion of capitalism. Less … innovative capitalism and the emergence of critical situations that require re-active institutional adaptations will be discussed …

analysing the extent to which there is institutional convergence, the article follows the approach of "Varieties of Capitalism …". This approach distinguishes two "ideal" types of capitalism: a liberal market economy and a coordinated market economy. In …