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As U.S. corporate profit margins have made it to record highs, a debate has raged between those who place their hopes on a new paradigm of sustained high profits and those who believe in capitalism's efficiency and the tendency of margins to revert to the mean. Using a bottoms-up analysis...
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What is accepted as payment has changed over time, and so have the ways in which payments are made. Bitcoin, a cryptographic computer protocol, represents for some just another currency to release and receive payments. For others to speculate or to diversify into an alternative asset class. In...
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The varieties of capitalism approach (VoC) and the related research assume that German firms adopt an internal flexibility profile that corresponds with the national institutional framework. Recent empirical studies, however, have found substantial diversity in realized firm-level strategies....
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network of trade in digital services (trade in bits) and compare it with that of the more traditional flow of manufactured … less hierarchical network structure, which is more similar to trade in high-skill manufactured goods than total trade. Last …, distance plays a more prominent role in shaping the network of international trade in physical goods than trade in digital …
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Democratic capitalism has become the popular paradigm in the modern world, and it is spreading further through globalization. It is a model based on growth, expansion and constant innovation. However, it is accompanied by social problems which may worsen despite overall gains in wealth. In this...
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With the benefit of hindsight it becomes easier to appraise the historical significance and impact of the European revolutions of 1989. By a privileging a global point of view, it becomes possible to leave behind the prevalent perspective of 1989 as a regional transition of Central Europe only....
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This is a paper written in 1999, published in 2000, being unaware of the Glass–Steagall Act, which was just signed into law by Bill Clinton, which was aiming at speeding up globalization, and which Joseph Stiglitz and others want it to have corroborated the financial crises of 2007-2009. Yet,...
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