Economic, financial and social commentators from all directions and persuasion are obsessed with the prospect of recovery. The world remains mired in a deep, prolonged crisis, and the key question seems to be how to get out of it. The purpose of our paper is to ask a very different question that...

The thesis that the institutional arrangements, social organizations, and ideology in Eastern Europe are not conducive to the establishment of capitalism, and certainly not the laissez‐faire variety, with Poland cited as the illustrative case. Karl Polanyi′s necessary conditions for...

Our main contention is that two different re-conceptualizations of liberal democracy took place among Chicago economists in the postwar period. The first emerged out of Frank H. Knight's ruminations in the 1930s on the failures of liberalism. By the 1940s, Knight devoted most of his attention to...