The paper identifies the rule of law, the carriers of institutional restructuring, and the prevailing informal rules in the community as three critical determinants of the outcome of institutional restructuring in the community. The paper demonstrates that the analysis of the interaction among...

The Yugoslavian economic system, combining, as it does, elements of Marxist socialism with many aspects of free enterprise, represents a challenging experiment which is being closely watched by students of economic and political theory. The system has att

Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust...

Property rights formalize the relationship between individuals and goods. They form the cornerstone of the pricing, supply and efficient allocation of scarce resources between individuals. The Economic Foundations of Property Rights is an outstanding collection of some of the most important work...

Economic Systems, Institutions and Scarcity -- Scarcity, Institutions and Economic Behavior -- The Rise of Capitalism -- The Rise of Socialism -- The Private-Property Free-Market Economy -- Basic Institutions of Capitalism -- Exchange in a Private Property Capitalist Economy -- Production in a...

The purpose of this book is to redirect study of what are called comparative economic systems toward analysis of the development of institutions and the effects of alternative institutional arrangements on economic performance. To that end, the book internalizes into a theoretical framework the...

Economic Analysis of Institutions and Systems aims to redirect the study of what was previously referred to as comparative economic systems toward analysis of the history and development of institutions, and the effects of alternative institutional arrangements on economic behavior. To this end,...