Economic institutions and policies in the US and the EU: convergence or divergence?
Once upon a time, there were national varieties of capitalism. There were a German (or Rhineland) model, a Gallic model, a Scandinavian model, a British model, etc., as well as, outside Europe, a Japanese model and a Korean model. Some of these models were more distant from the US model of a modern market economy and some were closer, but each was speciﬁc. As recently as a quarter of a century ago, the common belief in academic as well as business and policy communities was that these idiosyncrasies were here to stay.