A Historical Perspective on the Evolution of Finance, Knowledge, and Labor Market Institutions in Europe

Research output: Chapter in Book/Report/Conference proceedingChapterAcademicpeer-review


Both policymakers and academics offer various strategies concerning
institutions on how to stimulate entrepreneurial activity in Europe. However,
historical evidence shows that the cross-national differences in these institutions are
the result of long-term historical processes. A successful entrepreneurial strategy
would therefore benefit from looking at the past to build and improve current
institutions in the future. To provide such a historical insight, this chapter aims
to answer the question: How and to what extent have the institutional factors
relevant to entrepreneurial activity evolved over time? It discusses the changes in
the financial, knowledge, and labor institutions over the twentieth century across
European countries to be able to distinguish between institutions that are dynamic and
those that are slowly changing. Using the Varieties of Capitalism (VoC) framework, it
provides insight into the different patterns of institutional change and the implications
of this change for the different forms of entrepreneurial activity across European
countries. The historical approach presented in this chapter thus contributes to
the development of
Original languageEnglish
Title of host publicationThe Entrepreneurial Society
Subtitle of host publicationA Reform Strategy for Italy, Germany and the UK
EditorsM. Sanders, A. Marx, M. Stenkula
ISBN (Electronic)978-3-662-61007-7
ISBN (Print)978-3-662-61006-0
Publication statusPublished - 2020


  • Entrepreneurship
  • Varieties of Capitalism
  • National institutions
  • Institutional complementarities


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