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Persistance and change in coordinated market economies: the case of venture capital for biotechnology in Switzerland

[working paper]

Hasse, Raimund; Passarge, Eva

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Corporate Editor Universität Luzern, Kultur- und Sozialwissenschaftliche Fakultät, Soziologisches Seminar
Abstract "The institutional configuration of Switzerland resembles the ideal type of coordinated market economies (CMEs) which are said to be highly supportive for incremental innovations but not for radical innovations like biotechnology. Therefore, the emergence and success of Swiss biotechnology comes as a surprise. Against this background, our paper deals with the biotechnology sector in Switzerland. Special attention will be drawn on venture capital. It can be shown that Switzerland has formed a specific variant of venture capital which nicely has adapted to its institutional context. The case thus indicates that technological innovations have the effect that some elements of LMEs can be incorporated into CMEs. However, this occurs incrementally and in accordance with the overall institutional configuration." (author's abstract)
Keywords venture capital; Switzerland; institutional factors; market economy; economic system; coordination; innovation; technical development; biotechnology; economic system
Classification Natural Science and Engineering, Applied Sciences; Economic Policy
Document language English
Publication Year 2009
City Luzern
Page/Pages 28 p.
Series Workingpaper des Soziologischen Seminars, 03/2009
ISSN 1663-2540
Status Published Version
Licence Deposit Licence - No Redistribution, No Modifications
data provider This metadata entry was indexed by the Special Subject Collection Social Sciences, USB Cologne