Transformation has been put in motion by a variety of both endogenous and exogenous forces. Although not any process was under the control of those countries, their choice of goals and instruments was anyway particularly great, at least theoretically. However, transformation was implemented as a...

The unfolding of the crisis in the Eurozone can be explained by the interaction of institutional features and policy failures, and by their interconnection with real and financial imbalances. The crisis has shown that internal divergence in the EZ is based on important structural components...

The field of comparative economic systems has been recently enriched by the arrival of the new comparative economics. This approach is in the line of the law and finance tradition and presents an important contribution under different perspectives. In the paper I present the most important...

The field of comparative economic systems has been recently enriched by the arrival of the new comparative economics. This approach is in the line of the law and finance tradition and presents an important contribution under different perspectives. In the paper I present the most important...

Inefficient economic systems can be stable and their transformation towards efficiency may fail because of investment in system-specific assets, costliness of systemic change, and existence of various asymmetries. As a consequence, individual choices are based on subjective models derived from...

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...