Within the context of the New Economic Sociology, Karl Polanyi is almost universally considered the “father” of the concept of embeddedness. However, this concept has been subject to selective appropriation by this discipline and its relationship to the remaining theoretical edifice...

The paper focuses on empirical analysis of major factors that determine innovation activities of Russian manufacturing firms during the crisis. We presume that the crisis has ambiguous effects on firms' behaviour, on one hand limiting their financial capabilities to invest into new products...

When comparing the New Economy and the time before the Great Depression there are two obvious analogies. In the 1920s as in the 1990s there was an investment boom triggered through the use of new technologies and rapid technological development. In the 1920s, these were the electricity and the...

This article deals with the role and the place of the money in the process of coordination in a decentralized market economy. The equilibrium models assume that the coordination is carried out through market mechanisms. These mechanisms are mainly real and individual mechanisms but they seem to...

Concerning the period 1990-2004, one can formulate a hypothesis of economic and national industrial cyclical phenomenon of “Juglar” type, with two visible evolution periods, the former of expansion and the latter of recession, and between them, less evident, the crisis and the downward. The...

The Chinese economy does still not qualify as demand-driven economy. Its growth is based on investment. In fact successive waves of investment have emerged during the eighties and produced a piling-up of productive systems. A wave of small national enterprises and entrepreneurs, a second large...

Because Hayek’s view goes beyond the Walrasian framework, his descriptive arguments on socialist planned economies are prone to be misunderstood. This paper clarifies Hayek’s arguments by using them as a basis to construct a model of total factor productivity. The model shows that...

"As we look over the country today we see two classes of people. The excessively rich and the abject poor, and between them is a gulf ever deepening, ever widening, and the ranks of the poor are continually being recruited from a third class, the well-to-do, which class is rapidly disappearing...