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Corporate Governance in ContextCorporations, States, and Markets in Europe, Japan, and the US$
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Klaus J. Hopt, Eddy Wymeersch, Hideki Kanda, and Harald Baum

Print publication date: 2005

Print ISBN-13: 9780199290703

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199290703.001.0001

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Corporatist versus Market Approaches to Governance

Corporatist versus Market Approaches to Governance

(p.281) Corporatist versus Market Approaches to Governance
Corporate Governance in Context

Horst Siebert

Oxford University Press

Germany has developed a system of governance in which, besides markets and the political process, non-market mechanisms play an important role in reaching a consensus on economic issues. In this corporatist approach, markets and the political process are partly replaced by the decision making of social groups. Decision rights are formally assigned to social groups which are given norm-setting privileges and which can make binding decisions for their group members and for society. Social groups also participate informally in decisions, mostly in decisions of the government. Moreover, informal personal relationships may play a role in economic decisions instead of market processes. This chapter looks at the role of corporatist decision making or governance in Germany, the areas in which it takes place, and its impact on the economy. Germany has a restrained market economy, and this is at the root of its unemployment problems and its poor growth performance.

Keywords:   Germany, corporate governance, social groups, decision making

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