Different countries have different “Trajectories of Neoliberal Transformation.” Liberalization takes place as institutional deregulation, institutional derogation, and institutional conversion, and in each country, we find a different mix of these mechanisms. Yet in all countries, liberalization involves an expansion of employer discretion. Employer discretion has three interrelated dimensions: discretion in wage determination, discretion in personnel management and work organization, and discretion in hiring and firing. In each of these areas across a wide variety of different countries, owners and managers have much more freedom to run their businesses and “manage” their employees as they please than they had a few decades ago. VoC’s focus on institutional form draws our attention away from these developments.