Abstract
The very first statement of this paper is that there are – in terms of analytical tool – two forms of capitalism. Being conscious of many different positions in this matter among scholars, I am going to prove the essential usefulness of this particular approach. All the points of view in most cases of the dichotomy between capitalism and capitalisms can be divided into two main categories. The first one is of the opinion that there is only one capitalism, and dissimilarities in it are classified as side effects; while the second one is saying that all the capitalist countries present unique forms of this economic system. The approach to the problem under discussion is through an examination of two countries considered as stakeholder capitalism (Germany, Japan) indicates significant dissimilarity between this form of capitalism and Anglo-American one, and at the same time shows internal differences inside the former. Analysis in terms of divergences between stakeholder and shareholder capitalism concentrates attention on particular problems of corporate ownership (La Porta; Lopez-de-Silanes; Shleifer 1999), and also such elements as: hostile takeovers, green mails, poison pills, golden parachutes. Some of them are of great importance to understand how those two forms of capitalism – which are studied in this paper – deal with the largest economic problems in modern times.
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