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VOC approach attempts to bring back firms as main actors without ignoring the trade unions (Hall Soskice: 4)
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The authors analyze the firm as relational in nature and thus run into many coordination problems. A firm thus seeks to succeed by overcoming these problems by coordinating with a number of actors.
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Institutions are important in the analysis of hall and Soskice as they provide firms support to resolve coordination difficulties.
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They identify two varieties of market economies. In liberal market economies competitive market arrangements help coordination of firm activities. In coordinated market economies, non-market relationships enable firms to coordinate their activities with actors they deal with. Collaborative techniques help solve coordination problems.
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The institutional framework of the political economy is emphasized by Hall and Soskice as bringing about changes in corporate market strategy in LMEs and CMEs (16).
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