National institutions are neither tightly coupled, nor do they make for coherent outcomes. There is much, albeit bounded, diversity in socio-economic relations within and between firms. This diversity may reflect specific sectoral or regional dynamics, the uneven consequences of social action, and governmental partiality to specific players. It also reflects broader changes in the global capitalist ecosystem—which, the authors believe, is the product of a long energy transition—and the uneven manner in which national institutions seek to accommodate themselves to this.