Cover

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pp. 1-2

Title Page, Copyright

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pp. 3-8

Contents

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pp. vii-10

Tables and Figures

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pp. ix-12

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Preface and Acknowledgments

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pp. xi-xxi

When do governments choose to pursue reforms that promise uncertain and long-term benefits, yet assure short-term costs? When do they get away with them? How do political leaders evaluate their chances of getting away with them? These questions lie at the core of the corporate restructuring...

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1. Political Entrepreneurs and the Corporate Restructuring Dilemma

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pp. 1-29

Corporate restructuring involves high political risks in stakeholder or coordinated economies.1 These systems integrate a complementary set of industrial organizational features (large groups, cross-shareholdings), stable employment practices, bank-centered corporate finance, and welfare corporatism...

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2. A Story of Change and Divergence

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pp. 30-63

The degrees of strategic political autonomy and options for effective bureaucratic delegation define the reform capacity of political entrepreneurs as they mediate the incentives of the golden bargain. In this chapter, I systematically analyze the components of this argument and present...

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3. France: Effective but “Shameful” Reforms

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pp. 64-103

France is the kingdom of invisible reforms. It has the ability to generate low-visibility yet fast-flowing structural change ahead of its societal alignments. France acts first and justifies second. There is a great French paradox: despite a majority anti-globalization discourse and strong popular...

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4. Japan: Of Change and Resistance

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pp. 104-155

Since the mid-1990s, under new global incentives, Japan has responded with a transformed political discourse focused on the necessity of structural reform and with some significant institutional change. However, the actual change has remained selective and has kept the major pillars of Japan’s system...

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5. Korea: Systemic Transformation

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pp. 156-179

It is no secret that the Korean miracle crashed in December 1997, and that Korea had to accept stringent conditions in exchange for an IMF bailout. Likewise, the relative speed and depth of structural reforms in Korea in the wake of the financial crisis are now well known and analyzed.1 The resumption...

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6. Political Entrepreneurs and the Great Transformation of the Automobile Industry

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pp. 180-205

This chapter brings the analysis to the level of the firms and focuses on the implications on the ground of the variety of national responses to the golden bargain. It focuses on one major industry that is both economically significant and politically salient in all three countries: the automobile industry...

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Conclusion: From Social Contract to Golden Bargain?

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pp. 206-221

In the late 1990s, many OECD countries engaged in far-reaching corporate structural reforms. While these reforms may appear to be mere technical measures or legal revisions, their cumulative effect amounts to a major transformation of the post-1945 industrial and social contract. Corporate...

Appendix. Evaluation of Corporate Reform Intensity in France, Japan, Korea, and Germany

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pp. 223-232

References

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pp. 233-248

Index

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pp. 249-256