The argument that a dual convergence will take place, and CMEs and LMEs will continue to have significant differences, is a component of the

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The argument that a dual convergence will take place, and CMEs and LMEs will continue to have significant differences, is a component of the varieties of capitalism (VOC) perspective. This perspective views the economic institutions and practices in each country as reflecting distinct national models of capitalism, which are shaped by historical, political, and cultural factors. The VOC argues that these differences are likely to persist and that there is no one-size-fits-all approach to economic policy or institutional design. Instead, policymakers should focus on improving the fit between the institutional environment and the needs of specific industries and firms within each national model.

The Argument That a Dual Convergence Will Take Place, and CMEs