Globalizing Regulatory Capitalism

This institutional web facilitates ad hoc coopera tion, making economic interactions easier and reinforcing actors' positive expectations of future interactions. Historically, capitalism emerged more strongly in areas where it was facilitated by strong institutions and positive forms of collective action. Where such institu tions and other social resources were absent, national capitalist markets lagged behind (Fligstein 2001). By translating this well-known theory from national to international spaces, it is possible to argue that regulatory capitalism is nowadays being constructed internationally, sector by sector, as firms and markets increas ingly globalize. However, each sector is facing its own institutional dilemmas, which induce dif