“[..] We could say, in a nutshell, that a tendency seems to emerge from divergence towards convergence in the structures of solvency and ownership control of national capitalisms. We would be tempted to affirm that divergence tends towards convergence, as if a sort of “law of one price” also operated on the structure of the centralization of capital and the relative conditions of solvency of the various nations [..] Whether and to what extent this international convergence in the concentration of economic power can have more general repercussions on the “resilience of liberal capitalism”, “its democratic institutions” and even peace between nations remains an open question [..]”
Emiliano Brancaccio, Raffaele Giammetti, Milena Lopreite, Michelangelo Puliga (2022). “Convergence in solvency and capital centralization: A B-VAR analysis for high-income and euro area countries”. METROECONOMICA, 18 June.