It is often stated that globalization makes a smaller world by institutional conver-gence. Economic orders become alike across the world. This article addresses institutional change triggered by the global financial crisis of 2008/2009 and challenges this general conviction of worldwide...

In this paper, “transitology” as a new direction in political and economic science is discussed. The concept of “transitology” was developed based on theories of economic transformation from a centrally planned economy towards a market economy. In the context of the questions what might...