It is often stated that globalization makes a smaller world by institutional conver-gence. Economic orders become alike across the world. This article addresses institutional change triggered by the global financial crisis of 2008/2009 and challenges this general conviction of worldwide...

While the DPRK (North Korea) is on its way ahead to reform the socialist based economic system, since a few years the Republic of Korea (South Korea) is integrating into East Asian economic structures like ASEAN plus 3. In this way a possible reunification of Korea as well as a single...

After the fundamental changes of the early 1990s and before Estonia joined the EU, many neo-liberal economists regarded Estonia as their model student - due to the country's economic principles. Economic growth has been positive from 1995 on (except in 1999) until 2007, and above the EU average....

Kürzlich hat Chr. Mantzavinos ein neues Wettbewerbsleitbild vorgeschlagen, das auf Ergebnissen der Neuen Institutionenökonomik und der Evolutorischen Ökonomik aufbaut. Er kritisiert die gängigen normativen Konzeptionen in der Wettbewerbspolitik, insbesondere die Idee des Wettbewerbs als...

Kürzlich hat Chr. Mantzavinos ein neues Wettbewerbsleitbild vorgeschlagen, das auf Ergebnissen der Neuen Institutionenökonomik und der Evolutorischen Ökonomik aufbaut. Er kritisiert die gängigen normativen Konzeptionen in der Wettbewerbspolitik, insbesondere die Idee des Wettbewerbs als...

Inertia in academia sometimes obstructs the development of important insights. That is one reason for the specially long gap separating Coase's seminal paper [1937] that laid the foundations of current Transaction Cost Economics (TCE) and the efforts of scholars to develop his ideas. But as TCE...

A rising competitive pressure for innovations comes along with an increasing number of companies and public research facilities that include external sources of information into the innovation process. This trend towards an open innovation process can be verified empirically. External R&D...

Meta-rules, or rules for making rules, determine the costs of innovation and thus the pace of economic growth. Adapting rules to a changing economic environment through explicit, well-designed meta-rules makes economic growth quicker, less painful, and more certain than adapting rules through...