The Rhenish capitalism is one of the four latest things of organization of capitalism distinguished by the school from the regulation.
The Rhenish Capitalisme is characterized by:
- a big role of large the Bank S and a relativisation of the role of the Stock Exchange in the financing of the companies,
- a long term vision supported on this way of financing and a system of partnership with the customers, suppliers and employed,
- a partnership between powerful employers' federations and wage which limits the industrial disputes as well as the direct interventions of the State in the life of the companies,
- a system of Social protection very developed,
- a monetary policy of independently managed stability of the governments.
It thus should not be confused with the keynesianism. The concept of Rhenish capitalism corresponds more or less to the concept of social economy of market ( soziale Marktwirtschaft ) promoted in FRG like an alternative at the same time to the Anglo-Saxon Capitalisme and the saving in State planned of the ex- GDR. But one can also speak about Rhenish capitalism or about Rhenish features in connection with the Countries-Bays, of Scandinavia, of Switzerland and even of Japan.
Rhenish capitalism rests on cultural premises which are the strong spirit of community in the Germanic countries. This spirit contains a feeling of membership of a whole higher than its component parts which inspires the partnership spirit, just as the relative refusal of external official interventions. This cultural positioning on, in particular, the scale of collectivism of Hofstede, conduit to being able to find certain features of Rhenish capitalism in other cultural contexts, which they are Asian or North-American.
Many specialists wonder about the future of the Rhenish model vis-a-vis the deep economic crisis which Germany passes through since the years 1980 and to the rise to power of the modes of regulations characteristic of Anglo-Saxon capitalism (preponderance of the stock exchange shareholders, difficulties of the large banks, retreat of the collective bargain and individualization of the work conditions), in the context of an increased atomization of the company.
More recently, The Social Capital Foundation (TSCF) took again the concept of Rhenish capitalism and makes appear in its program to deepen it, while being opposed as well to the attempts to build a capitalism of European State as to the generalization of a capitalism néo-liberal on the Anglo-Saxon mode.
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