The USA case illustrates how systemic governance of a ‘market-led model’ first succeeded but then evolved into an an institutional trap, between efficiency and inequity, as a result of an enduring process of institutional diffusion

The South Korean case illustrates how systemic governance of a ‘state-led model’ first succeeded and then evolved into institutional diffusion

The Turkish case illustrates how the lack of an established systemic governance regime and the existence of enduring institutional diffusion drove the country into a long-run institutional drift between ‘state-led’ and ‘market-led’ routes and finally caused a system-wide institutional trap

Taner Akan is Associate Professor of Political Economy at Istanbul University, Turkey; and Visiting Fellow, King’s College London, UK. His research interests include institutional theory, political economy and economic governance.