Post-war strategic capitalism in Norway: A theoretical and analytical framework

Business History

Volumn 39, Issue 4, 1997, Pages 106-127

  Knutsen, Sverre ^a  

^a BI NORWEGIAN BUSINESS SCHOOL   (Norway)

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC HISTORY; INDUSTRIAL DEVELOPMENT; INSTITUTIONAL APPROACH;

NORWAY;

EID: 0031426492     PISSN: 00076791     EISSN: 17437938     Source Type: Journal    
DOI: 10.1080/00076799700000148     Document Type: Article

References (37)

1. Since investment strategies comprise investments in people, technology and physical plant, this definition even covers the relationship between industrial policy and technological change.
2. P. Katzenstein, 'Introduction', in P. Katzenstein (ed.), Between Power and Plenty: Foreign Economic Policies of Advanced Industrial States (Madison, 1984), p.4.
3. D.C. North, Institutions, Institutional Change and Economic Performance (Cambridge, MA, 1990).
4. Ibid., p.3 et seq. North introduces the notion of an 'institutional framework', which comprises 'legal rules, organizational forms, enforcement, and norms of behavior'.
5. S. Sjöstrand, 'Towards a Theory of Institutional Change', in S. Sjöstrand et al. (eds.), On Economic Institutions (Aldershot, 1995), p.23.
6. See, for example, J. Zysman, Governments, Markets and Growth: Financial Systems and the Politics of Industrial Change (London, 1983); P. Hall, Governing the Economy (New York, 1986); P. Gourevitch, Politics in Hard Times: Comparative Responses to International Economic Crises (Ithaca and New York, 1986)
7. See, for example, J. Zysman, Governments, Markets and Growth: Financial Systems and the Politics of Industrial Change (London, 1983); P. Hall, Governing the Economy (New York, 1986); P. Gourevitch, Politics in Hard Times: Comparative Responses to International Economic Crises (Ithaca and New York, 1986)
8. See, for example, J. Zysman, Governments, Markets and Growth: Financial Systems and the Politics of Industrial Change (London, 1983); P. Hall, Governing the Economy (New York, 1986); P. Gourevitch, Politics in Hard Times: Comparative Responses to International Economic Crises (Ithaca and New York, 1986)
9. See Zysman, Governments, Markets and Growth; T. Rybczynski, 'Industrial Finance System in Europe, U.S. and Japan', Journal of Economic Behavior and Organization, Vol.5 (1984); G. Dosi, 'Finance, Innovation and Industrial Change', Journal of Economic Behavior and Organization, Vol.10 (1990).
10. See Zysman, Governments, Markets and Growth; T. Rybczynski, 'Industrial Finance System in Europe, U.S. and Japan', Journal of Economic Behavior and Organization, Vol.5 (1984); G. Dosi, 'Finance, Innovation and Industrial Change', Journal of Economic Behavior and Organization, Vol.10 (1990).
11. See Zysman, Governments, Markets and Growth; T. Rybczynski, 'Industrial Finance System in Europe, U.S. and Japan', Journal of Economic Behavior and Organization, Vol.5 (1984); G. Dosi, 'Finance, Innovation and Industrial Change', Journal of Economic Behavior and Organization, Vol.10 (1990).
12. J.L. Christensen, 'The Role of Finance in National Systems of Innovation', in B.-Aa. Lundvall (ed.), National Systems of Innovation (London, 1992).
13. T. Rybczynski, 'Innovative Activity and Venture Financing: Acess to Markets and Opportunities in Japan, the U.S. and Europe', in R.H. Day et al. (eds.), The Market for Innovation, Ownership and Control (Amsterdam, 1993).
14. See, for example, H. Sjögren, Bank och Näringsliv (Uppsala, 1991).
15. E. Berglöf, 'Corporate Control and Capital Structure-Essays on Property Rights and Financial Contracts' (Ph.D. thesis, Stockholm School of Economics, 1990); Rybczynski, Innovative Activity and Venture Financing.
16. E. Berglöf, 'Corporate Control and Capital Structure-Essays on Property Rights and Financial Contracts' (Ph.D. thesis, Stockholm School of Economics, 1990); Rybczynski, Innovative Activity and Venture Financing.
17. J. Edwards and K. Fischer, Bank, Finance and Investment in Germany (Cambridge, 1994). Although a valuable contribution, the framework of Edwards and Fischer is neo-classic and largely static. A more long-term and dynamic, historical approach thus gives a broader empirical basis to discuss comparative, financial systems. Furthermore, the authors do not really discuss the concept of differing financial systems in a more coherent and comprehensive way. Finally, the interpretation of data is also a question of definition. For instance, they classify provisions for pension funds as 'equity'. However, if a bankruptcy occurs it is quite clear that the funds are the specific property of retirement pensioners. This type of debt can hardly be classified as 'equity', See Table 2 in this paper.
18. J.L. Christensen, The Role of Finance, p.160 et seq.; J. Franks and C. Mayer, 'Capital Markets and Corporate Control: A Study of France, Germany and UK', Economic Policy, No. 10 (1990).
19. J.L. Christensen, The Role of Finance, p.160 et seq.; J. Franks and C. Mayer, 'Capital Markets and Corporate Control: A Study of France, Germany and UK', Economic Policy, No. 10 (1990).
20. Quoted from E. Bull, Norsk Fagbevegelse (Oslo, 1968), p.172.
21. S. Knutsen, Finanssystem, Nieringspolitikk og Industriell Utvikling 1950-1990. Forstudie og forskningsdesign (Working Paper No.21, Norwegian School of Management, 1994) and S. Knutsen, 'Norwegian Banks and the Legacy of the Interwar Years', in A. Teichova et al. (eds.), Universal Banking in the Twentieth Century: Finance, Industry and the State in North and Central Europe (1994), pp.75-96.
22. S. Knutsen, Finanssystem, Nieringspolitikk og Industriell Utvikling 1950-1990. Forstudie og forskningsdesign (Working Paper No.21, Norwegian School of Management, 1994) and S. Knutsen, 'Norwegian Banks and the Legacy of the Interwar Years', in A. Teichova et al. (eds.), Universal Banking in the Twentieth Century: Finance, Industry and the State in North and Central Europe (1994), pp.75-96.
23. There had been a political consensus on the system of direct and extensive regulation during the reconstruction period with the aim of establishing a fast recovery of the economy after the occupation. But already in 1946-47 this consensus began to crack, especially when the Conservative Party started an ideological critique against planning and state intervention.
24. White Paper No.75 (1951-52).
25. The organisational forms of the financial regulatory regime is elaborated in more detail in S. Knutsen, 'Phases in the Development of the Norwegian Banking System, 1880-1980', in Y. Cassis, G. Feldman and U. Olsson (eds.), The Evolution of Financial Institutions and Markets in Twentieth-Century Europe (London, 1995).
26. Archive of the Bank of Norway, Box 42, Correspondence of the Cooperation Committee: Letter from Governor E. Brofoss to the Norwegian Life Insurance Companies' Association, 28 Sept. 1955.
27. Trygve Lie was a member of the Labour government from 1935, Minister of Foreign Affairs in the Norwegian exile government in Britain during World War II and the UN's first Secretary-General. Later, he was also appointed Minister of Industry in 1963 and Minister of Trade in 1964.
28. Even in this process, the Labour Party was the motive force.
29. S. Knutsen, Etterkrigstidens Strategiske Kapitalisme og Styringen av Kapitalmarkedet som Industripolitisk Virkemiddel 1950-1975 (Working Paper No.50, Norwegian School of Management, 1995).
30. Dietrich Stünkel, 'Die Arbeitsteilung der Banken in Norwegen', here quoted from H. Kofoed, Den Norske Bankforening 1915-1940. Trekk av norsk bankhistorie (Oslo, 1940), p.14.
31. J.P Olsen, Statsstyre og Institusjonsurforming (Oslo, 1988).
32. J. Zysman, 'How Institutions Create Historically Rooted Trajectories of Growth', Industrial and Corporate Change, Vol.3 No.1 (1994), pp.243-83.
33. Report to the Executive Board of the Norwegian Labour Party (DNA) (Oslo, 1948), p.9.
34. L. Hannah, 'Technological, Managerial and Market Explanations of Differential Rates of European Business Convergence on American Productivity Levels, 1945-1973', in Proceedings of the Conference on Business History, Rotterdam October 24 and 25, 1994 (Rotterdam, 1995).
35. Zysman, Governments, Markets and Growth, p.16.
36. This heuristic model is partially inspired by J. Myhrman, Hur Sverige blev rikt (Stockholm, 1994), pp.13-52.
37. See, for example, S. Hargreaves Heap, 'Rational Action and Institutional Change', in S. Sjöstrand et al., On Economic Institutions (Aldershot, 1995).