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Chapter 12: Globalization, Convergence and Societal Specificity

This chapter explores the dynamics of globalization as they relate to societal specificity, presenting various scenarios. It discusses the convergence towards an Anglo-Saxon economic model, the increasing specialization of national frameworks, and how incremental adaptations can lead to path-dependent changes. Additionally, it examines hybridization and path-deviant transformations. Key data includes stock exchange trading concentration, national market capitalization, ownership structure, and profiles of foreign investment in Japanese corporations, offering a thorough international comparison and analysis.

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Chapter 12: Globalization, Convergence and Societal Specificity

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  1. Chapter 12:Globalization, Convergence and Societal Specificity

  2. Globalization Scenarios • Convergence towards the Anglo-Saxon Model • Greater specialization of national models • Incremental adaptation with path-dependent change • Hybridization with path-deviant change

  3. Table 1. Concentration in Stock Exchange Trading in International Comparison (in % of trading volume accounted for by largest 5% of corporations) Source: Deutsches Aktieninstitut, DAI Factbook, 1999: 6-4-2.

  4. Table 2. National Capitalization (Market Value as a percentage of GNP (GDP), in 2001 (1995) Prices) for (Japan) Source: Rebérioux, 2002: 113; Tokyo Stock Exchange Fact Book, 2003 and Bank of Japan (www.boj.jp).

  5. Table 3. Structure of ownership (% of Outstanding Corporate Equity Held by Sectors - 1998) Source: Rebérioux, 2002: 114; and Tokyo Stock Exchange, Fact Book 1999, for Japan.

  6. Table 4. Foreign Ownership and Stable Shareholding Positions of Major Group Affiliated* and Independent Japanese Electronics and Automotive Companies (1998) Source: Yoshikawa and Phan, 2001: p. 193 and p. 195. * Groups: Mitsui, Mitsubishi, Sumitomo, Fuyo, Sanwa, DKB ** DKB: Dai-Ichi Kangyo Bank group

  7. Table 5. Financial Assets of Institutional Investors* (as a per cent of GDP) Source: OECD: 2001. * Insurance companies, investment companies, pension funds and other forms of institutional savings.

  8. Table 6. Portfolio Composition of Institutional Investors (as a percentage of total financial assets) Source: OECD: 2001.

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