The aim of the research is to identify the strength and direction of the development of the relationship between formal and informal institutions and to assess the institutional equilib- rium of modern economies. The structural equations modelling based on partial least squares (SEM-PLS) is...

It is argued that not only hierarchies but also markets can be seen as modes of organization. Potential traders face the problem of choosing first a specific market organization before they start trading. Attention is focused on implicitly agreed upon market organizations. They are interpreted...