The paper proposes an institutional-systemic analysis of small and medium-size enterprises (SME) and of local productive systems in Italy and Hungary. The analysis is based on four fundamental variables: the environment, the economic system, policies, and subjective factors. After defining the...

The economic system includes many assets that are system specific. Economic actors invest in such assets in order to capture the opportunities defined by the system. When systemic change is set in motion by systemic entrepreneurs, uncertainty is created. Together with externalities produced by...