The progress of markets erodes traditional relations of social solidarity that are essential for the stability and performance of societies. As markets advance, pressures build on the state to replace informal social obligations with formal ones. Regulation may fail, however, which tends to give...

Die Entwicklung moderner Gesellschaften wird durch die Dynamik des Zusammenwirkens von Märkten und marktkorrigierenden Institutionen, von Wirtschaft und Politik bestimmt. Wirtschaftlicher Erfolg, soziale Ordnung, politische Stabilität hängen wesentlich von ihrem Zusammenspiel ab. Die...

Regional disparities within the European Union have always been perceived as an impediment to monetary integration. This is why discussions on a joint currency, from their very beginning, were linked to compensatory payments in the form of regional policy payments. Structural assistance to poor...

In most rich democracies one finds a tendency for the share in public finance that is available for discretionary spending to shrink. This is because tax revenues do not keep pace with simultaneous increases in fixed expenditures and growing pressures for fiscal consolidation. The present paper...