Abstract
Publisher Summary This chapter presents the financial institutions in a European market for executive competence. The organization of financial markets plays an important role in the economic growth process by influencing the allocation of, and the trading in individual and team competence in top level corporate management. Competence is traded in (1) Internal Labor Markets, (2) External Labor Markets, and (3) the Mergers and Acquisitions (M&A) Market. The view of the sources of competitiveness presented in the chapter contrasts sharply with conventional economic thinking underlying industrial targeting and trade policy arguments. The efficiency of alternative modes for trade and allocation of competence in internal and external markets, the link between the institutional structure of financial markets and the allocation of competence in the growth process and the policy maker fearing that Europe is lagging behind the United States and Japan in industrial development and growth are further illustrated in this chapter.
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