The Spanish corporate network in the long run evidence of a state-influenced market economy

Abstract

The topic of varieties of capitalism comparatively studies the different ways in which each country organizes its economy. Literature has initially distinguished two antagonistic models: liberal market economies (LMEs), and coordinated market economies (CMEs). Subsequently, new categories have been added, such as State-influenced market economies (SMEs). In this article it is argued that the corporate network is one more dimension that can be considered to classify an economy in a determined variety of capitalism. The analysis of the Spanish network from 1917 to the present day shows the importance of the public companies in their configuration. This finding, and the comparison of the Spanish network with the networks of other countries, confirms the inclusion of Spain among SMEs.