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This concluding chapter assesses the Strategic Value Framework for understanding the nonlinear and multidimensional nature of national sector-specific market pathways to development contrary to the expectations about the effects of open economy politics and regime type for particular modes of state-market interactions. The national configurations of sectoral models bridge different scholastic traditions in varieties of capitalism on the interactions between company-level and national-level characteristics and hierarchical state-business relations. Sector-specific dynamics emanating nation-specific sectoral pathways uncover how perceived strategic value and sectoral structures and organization institutions interact to affect how multinational and domestic companies alike experience the emergent institutional foundations of capitalism. This chapter further demonstrates how the new capitalisms play out in other strategic and non-strategic sectors in China, India, and Russia. The book concludes with analyzing the macro effects of the micro-institutional foundations on global conflict and cooperation—from trade wars and cross-border cybersecurity to the Covid-19 global pandemic. The analytical leverage of the Strategic Value Framework in identifying national sector-specific patterns of market governance sheds light on the politics of the management of the Covid-19 pandemic and how they varied across countries and industries within them.
What is the relationship between internal development and integration into the global economy in developing countries? How and why do state–market relations differ? And do these differences matter in the post-cold war era of global conflict and cooperation? Drawing on research in China, India, and Russia and examining sectors from textiles to telecommunications, Micro-institutional Foundations of Capitalism introduces a new theory of sectoral pathways to globalization and development. Adopting a historical approach, the book's Strategic Value Framework shows how state elites perceive the strategic value of sectors in response to internal and external pressures. Sectoral structures and organization of institutions further determine the role of the state in market coordination and property rights arrangements. The resultant dominant patterns of market governance vary by country and sector within country. These national configurations of sectoral models are the micro-institutional foundations of capitalism, which mediate globalization and development.
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