This paper addresses the lackluster performance concerning per capita growth and employment performance of Continental Europe countries compaed to Anglo-Saxon countries over the last decades which is in stark contrast to the post-war period. It analyzes institutional differences between country...

Globalization and an increasing importance of knowledge in the production process cause many developed countries to move from a more 'managed' to a more 'entrepreneurial' economy in recent decades. In the former type of economy, large and incumbent firms play a dominant role, exploiting...