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Perspectives on the Performance of the Continental Economies$
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Edmund S. Phelps and Hans-Werner Sinn

Print publication date: 2011

Print ISBN-13: 9780262015318

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262015318.001.0001

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Europe: Cultural Adjustment to a New Kind of Capitalism?

Europe: Cultural Adjustment to a New Kind of Capitalism?

(p.151) 6 Europe: Cultural Adjustment to a New Kind of Capitalism?
Perspectives on the Performance of the Continental Economies

Harold James

The MIT Press

This chapter first examines the political and public policy response to globalization, and why the current European reaction is so problematic. It then considers alternative sources of resilience that may be offered by social structures, traditions, and beliefs. In particular, it praises Europe’s family-owned firms. While such firms have difficulty finding sufficient capital, they do seem to provide more stability in turbulent times. Entrepreneurial families played a significant role in Europe’s quick recovery after the war, and family firms are expected to help Europe cope with the current forces of globalization.

Keywords:   Europe, political culture, public policy, globalization, family-owned firms, entrepreneurship

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