Since millennium, economists have advanced two competing theories on the evolution of money. Commodity theory asserts that money has evolved spontaneously from one of the useful commodities through a long process of barter exchanges, and cartal theory argues that money was introduced by a...

"Globalization" can be understood as a grand experiment to test the laissez-faire doctrine of neoclassical economics, which claims that a capitalist economy will become more efficient and stable as markets spread deeper and wider around the world. The "once a century" global economic crisis of...

The present article is a fresh attempt to ‘end' the age-old controversy over the nature of corporate personality. The key to this attempt is an observation that an incorporated firm is composed of not one but, "two," ownership relations: Shareholders own the corporation and the corporation in...

The present article is an attempt to reconstruct a macro-dynamic theory of the monetary economy on the basis of the theory of monopolistically competitive firms formulated as a micro-foundation for the decentralized price mechanism. It shows how the micro-founded theorization of the very...

After the first section, introducing some typical problems of family capitalism, the following three sections of the paper consider the ambiguity of the legal framework defining the modern corporation, the two way relation between technology and property rights and the different mechanisms by...

"Globalization" can be understood as a grand experiment to test the laissez-faire doctrine of neoclassical economics, which claims that a capitalist economy will become more efficient and stable as markets spread deeper and wider around the world. The "once a century" global economic crisis of...