Two very different approaches are used to explore the relation between market orientation and gender wage differentials in international data. More market orientation might be related to gender wage gaps via its effects on competition in product and labor markets and the general absence of...

Angst, Schadenfreude, Leitmotiv, oder Weltschmerz gehören zu den deutschen Lehnworten, die man in vielen europäischen Sprachen findet, da ihre Bedeutung aufgrund spezifisch deutsch-kultureller Prägung und Autorenschaft kaum adäquat zu übersetzen ist. Dasselbe gilt für Ordnungspolitik. Von...

This paper suggests a two-dimensional concept of nonliberal capitalism: coordinated capitalism (as described in the varieties of capitalism framework) and organized capitalism. While the coordination function of institutions canalizes individual maximization strategies of firms in order to...

Die europäischen RGW-Staaten haben seit 1965 in der weltwirtschaftlichen Arbeitsteilung erheblich an Boden verloren. Auf den Märkten der OECD betrugen die Verluste der sechs eurpäischen RGW-Länder (ohne Sowjetunion) in der Zeit von 1965 bis 1987 fast ein Drittel ihrer Marktanteile. Das...

We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...

A recent literature has emerged providing compelling evidence that a major shift in the organization of the developed economies has been taking place: away from what has been characterized as the managed economy towards the entrepreneurial economy. In particular, the empirical evidence provides...

This essay argues that economic systems should be defined in terms of clusters of complementary institutions. To show how such an approach can be carried out, I use a cluster analysis technique and data on forty different economic institutions in OECD nations to isolate four quite different...