The economic system includes many assets that are system specific. Economic actors invest in such assets in order to capture the opportunities defined by the system. When systemic change is set in motion by systemic entrepreneurs, uncertainty is created. Together with externalities produced by...

Inefficient economic systems can be stable and their transformation towards efficiency may fail because of investment in system-specific assets, costliness of systemic change, and existence of various asymmetries. As a consequence, individual choices are based on subjective models derived from...

The field of comparative economic systems has been recently enriched by the arrival of the new comparative economics. This approach is in the line of the law and finance tradition and presents an important contribution under different perspectives. In the paper I present the most important...

This book analyzes regional and local models of development, in the context of existing socio-economic disparities and the impact of EU enlargement and European policy, offering a comparative and in-depth analysis of the distinct nature of regional differences within Central and Eastern Europe.

The book explores how, to what extent and with what consequences the international crisis of 2007-2008 and the recession which followed have affected European SMEs (small and medium enterprises) in both the well established market economies of the old member countries and in the...

This article addresses an anomaly in the European Union (EU)'s recent evolution. Two years ago, Great Britain's exit from the EU seemed improbable, while Greece's departure appeared to be imminent. The outcome was precisely the reverse. We explain the paradox and examine its ramifications. The...