Abstract
Abstract This chapter looks at the evolution of capitalism in France. The analysis concentrates on the question whether the governance structure of large French corporations is an example of a lagged modernization process or whether it represents a genuine type of corporate governance which may be as efficient as the shareholder value model. The transformations from family to managerial, and from managerial to shareholder value capitalism may be described as sequential stages in the evolution of the capitalist system. This chapter discusses modernization theories, theories of social evolution, network configurations in France, and French capital networks and interlocking directorates. In France, two types of corporate networks are differentiated: a network that is integrated through several levels of hierarchical coordination, and a network in which the internal integration stems from ownership and family relations.
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