"The Varieties of Capitalism literature argues that different forms of market economies, skill systems and welfare regimes are causally related, because preferences follow a logic of asset-specific investment. This article demonstrates the strength of comparative historical analysis in supplementing the human capital investment model by a more contextualized perspective. The main argument is that both the evolution of training regimes and the development of unemployment insurance schemes are primarily governed by a logic of organization-building by capital and labour. This logic is mediated by trajectories of industrialization, patterns of state intervention in the labour market and the institutionalization of labour relations. Our understanding of relationships between political-economic institutions should be open to variable paths leading to co-evolutionary developments. "

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