Our theoretical model suggests that 'bureaucratisation' is a potential threat to future economic growth in the EU. The bureaucratic incentives to budget maximize leads to overwhelming pressure for new administrative tasks because bureaucracies are competing for resources just like fishermen or...

This paper explores the rise of money and class society in ancient Greece, drawing historical and theoretical parallels to the case of ancient Egypt. In doing so, the paper examines the historical applicability of the chartalist and metallist theories of money. It will be shown that the origins...

EXECUTIVE SUMMARY *** Concerns about the market power of large corporations are growing. There are good reasons why monopoly now features so prominently on the political and economic agenda. Mounting evidence shows that corporate concentration stifles innovation and investment, resulting in...

This paper studies the transmission of a foreign fiscal policy shock (assumed to be generated in Germany) to key macroeconomic variables in five Central and Eastern European economies (CEE-5). We use quarterly data from 1995 to 2009 and estimate an open economy structural vector autoregressive...

This paper examines three questions: 1) How and why have financial models of doing business emerged in the last three decades? 2) What new forms of financial capitalism have become important in the current period? 3) How do new financial intermediaries, such as private equity, and the financial...

I subject some aspects of Roosevelt's "New Deal" to critical analysis, with particular attention to what is termed "liberal democracy". This analysis demonstrates the limits to reform, given the power of "vested interests" as articulated by Thorstein Veblen. While progressive economists and...

This paper looks at public support for the creation of a market economy in Eastern Europe. As a data base, the Central and Eastern Eurobarometers surveys are employed, covering up to 21 countries over a time period of 1990-96 and totalling more than 100000 observations on individuals. The...

Literature on post-socialist transformation usually deals with the political, economic and social sides of it, although there have also been important changes in the field of technical advance in the last 20 years. One of capitalism's main virtues is the strong incentive it gives to dynamism,...

Belarusian economy has been stagnating in 2011-2015 after 15 years of a high annual average growth rate. In 2015, after four years of stagnation, the Belarusian economy slid into a recession, its first since 1996, and experienced both cyclical and structural recessions. Since 2015, the...