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Varieties of Financialization? Evidence from German Industry in the 1990s

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  • Berghoff, Hartmut

Abstract

Following some general remarks on the impact of financialization on nonfinancial sectors of the economy, this article identifies common misconceptions about the German and American varieties of capitalism. It then outlines the post-1960 U.S. experience with financialization, including the reasons for the rise of financialization and its main consequences. The article will then look at Germany, a country with a very different entry point into the world of financialization, and ask when and to what degree the concept was adopted. Finally, a detailed case study of Siemens—one of Germany's largest industrial concerns—will explore how this icon of Germany Inc. adapted to the demands of financialization and coped with the external changes caused by globalization, deregulation, and digitalization.

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  • Berghoff, Hartmut, 2016. "Varieties of Financialization? Evidence from German Industry in the 1990s," Business History Review, Cambridge University Press, vol. 90(1), pages 81-108, April.
    • Handle: RePEc:cup:buhirw:v:90:y:2016:i:01:p:81-108_00
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    Cited by:

    1. Hahn, Katrin, 2019. "Innovation in times of financialization: Do future-oriented innovation strategies suffer? Examples from German industry," Research Policy, Elsevier, vol. 48(4), pages 923-935.
    2. Liam Keenan, 2020. "The geographies of the institutional and industrial constraints on the financialization of German brewing," Environment and Planning A, , vol. 52(8), pages 1662-1680, November.
    3. Detzer, Daniel, 2019. "Financialization made in Germany: A review," IPE Working Papers 122/2019, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Philipp A. Thompson, 2019. "Financialization and Institutional Environments," Working Papers hal-02139457, HAL.

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