The literature on economic systems and corresponding empirical studies have largely focused on a classification for developed countries, while other world regions have only partly been included and/or not compared to established OECD prototypes on an income-adjusted basis. In our macro...

The literature on economic systems and corresponding empirical studies have largely focused on a classification for developed countries, while other world regions have only partly been included and/or not compared to established OECD prototypes on an income-adjusted basis. In our macro...

This paper examines the relationship between the shadow economy and trade openness in Uganda, using autoregressive distributed lag bounds testing approach. We find that the shadow economy and trade openness have a long- and short-run relationship. These results hold even when alternative...

In the last decade significant changes in capitalism are appearing, it entered a new stage. After the political breakdown of Feudalism in World War 1 a stage of capitalism that aimed at integration of all parts of society was slowly developing. 15 years later the authoritarian regimes of...

We argue that the literature on government size suffers from neglecting the role of governance both as a driving and a limiting factor for government spending. Cross-country evidence for a sample of 126 developed and developing countries averaging data for the period 2003-07 reveals that better...

In the last decades the world changed dramatically. From a global point of view three disruptive processes are on their way which can be called revolutionary: a political, a technological and an economic revolution. This paper aims to give an overview when and how these movements started what...

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...

This paper studies the effect of trade openness on output volatility. We find that trade openness generally increased output volatility, although this effect was stronger and more significant during 1950-1975 than during 1975-2000. However, if we split the sample into developed and developing...

This review essay critically interrogates the discourse and practice of development. It is argued that models of alternative development remain imprisoned in the ontological categories of the development project, an ideological and institutional devise to consolidate the hegemony of the West...

This article presents and discusses the hypothesis and results of Acemoglu and his colleagues, regarding the colonial origin of development, and reviews the main historical facts of that period to show the scope and limitations of his theory regarding Spanish-America. When the correlation...