By Bernard Jullien, Andy Smith (eds.)
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Extra info for Industries and Globalization: The Political Causality of Difference
Third, our selection of case studies will show instead that political work is the cause of both the reproduction and the change of each industry’s IO. g. the EU, the WTO). Nonetheless, this does not necessarily mean that the state has become ‘hollow’ (Rhodes, 1996) or meaningless to the actors involved in the regulation of industry. On the contrary, states, and in some cases sub-states, remain pertinent, albeit often partial, components of each industry’s institutional order. In short, our range of case studies enables us to apply our analytical approach to the multi-arena conﬁgurations of actors, rules and processes which today structure the regulation of virtually every industry (Carter and Smith, 2008).
However, Montalban’s chapter underlines that more recently the industry’s Financial IR has been reinstitutionalized because of the increased role given to shareholder value management and the stock market. More fundamentally still, transformations in US stock market regulations have inﬂuenced the strategies of pharmaceutical companies and the political work undertaken by their respective agents. Having ﬁrst presented the role played by these US regulations, change in the Financial IR and political work carried out to modify the strategies of ﬁrms, the chapter then shows how a number of European pharmaceutical companies have attempted to import some of the US regulations by undertaking a type of political work designed to increase proﬁtability and defend competitiveness.
1 to explain the context within which, over the last 15 years, the EU has chosen to revise its regulatory approach to the industry. 2). 1. De-institutionalization of the traditional order What is notable about change as regards the traditional order is the relative marginalization of the manufacturers and their networks within the industry. Indeed, the major strategic innovations occurred outside their sphere of inﬂuence because they were unleashed by newcomers in search of market share. In this context, the innovations subsequently introduced by the manufacturers were essentially counteroffensive moves.
Industries and Globalization: The Political Causality of Difference by Bernard Jullien, Andy Smith (eds.)