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Industry evolution in Varieties of Capitalism: a comparison of the Danish and US wind turbine industries

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  • Max-Peter Menzel
  • Johannes Kammer

Abstract

In this study, we combine Klepper’s framework on the evolution of industries with the Varieties of Capitalism approach to argue that industry evolution is mediated by institutional differences. We expect that new industries will evolve with a stronger connection to established industries in coordinated marked economies than in liberal market economies. Our assumptions are supported by a survival analysis of USA and Danish wind turbine manufacturers from 1974 to 2014. Yet, the emergence of a dominant design biases the results.

Suggested Citation

  • Max-Peter Menzel & Johannes Kammer, 2019. "Industry evolution in Varieties of Capitalism: a comparison of the Danish and US wind turbine industries," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 28(6), pages 1381-1403.
    • Handle: RePEc:oup:indcch:v:28:y:2019:i:6:p:1381-1403.
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    References listed on IDEAS

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    Cited by:

    1. Mads Bruun Ingstrup & Max-Peter Menzel, 2019. "The emergence of relatedness between industries: The example of offshore oil and gas and offshore wind energy in Esbjerg, Denmark," PEGIS geo-disc-2019_15, Institute for Economic Geography and GIScience, Department of Socioeconomics, Vienna University of Economics and Business.
    2. Mads Bruun Ingstrup & Max-Peter Menzel, 2019. "The emergence of relatedness between industries: The example of offshore oil and gas and offshore wind energy in Esbjerg, Denmark," Papers in Evolutionary Economic Geography (PEEG) 1929, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Oct 2019.
    3. Max-Peter Menzel, 2023. "Conventions, markets and industry evolution: the example of the wind turbine industry in Germany 1977–2021," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(3), pages 463-480.

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    More about this item

    JEL classification:

    • L61 - Industrial Organization - - Industry Studies: Manufacturing - - - Metals and Metal Products; Cement; Glass; Ceramics
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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