Difference Between "Rhine Capitalism" and The "German Model"
The term Rhine capitalism is an allusion to the former German government capital Bonn at the river Rhine and is also related to the nearby town of Bad Godesberg where the German Social Democratic Party SPD accepted this kind of capitalism with the so called Godesberg Program. Apart from Germany's, Rhenish capitalism has been associated with other Northern European economies (Switzerland, Austria, the Netherlands, Denmark, and Sweden) and it has also been used to characterize Japan's.
It is linked to some principles of social legislation, which can be found in all these countries, as social security in illness, unemployment etc., reducing economic inequality, strong banking system but weak equity market, solidarity based insurances, a large public sector, and far reaching labor laws. Some economists also make a distinction between the Rhenish model and the Nordic model.
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