Comparative European Politics

, Volume 3, Issue 3, pp 307–332

European Integration and the Clash of Capitalisms: Political Cleavages over Takeover Liberalization

  • Helen Callaghan
  • Martin Höpner
Original Article

DOI: 10.1057/palgrave.cep.6110061

Cite this article as:
Callaghan, H. & Höpner, M. Comp Eur Polit (2005) 3: 307. doi:10.1057/palgrave.cep.6110061


The integration of national markets for corporate control continues to lag behind the removal of barriers to trade in goods and services. To what extent does the protracted political battle over legal harmonization in this area reflect a clash of interests between liberal and coordinated national varieties of capitalism? To find out, we map the distribution of political support for liberal takeover rules within and across countries by analyzing a roll-call vote on the takeover directive in the European Parliament in July 2001. Our data show that, in line with the clash-of-capitalisms hypothesis, nationality did trump party group position on a left–right axis as a predictor of delegates' attitudes toward takeover regulation. Given the increasing interference of European Union-level legislative initiatives with the regulatory pillars of coordinated market economies, and the accession of 10 new Eastern European member states, we expect the salience of the clash-of-capitalisms cleavage to increase in the near future.


comparative political economyEuropean integrationvarieties of capitalismcorporate governancetakeover regulation

Copyright information

© Palgrave Macmillan Ltd 2005

Authors and Affiliations

  • Helen Callaghan
    • 1
  • Martin Höpner
    • 1
  1. 1.Max Planck Institute for the Study of SocietiesCologneGermany