Economic Systems ofOECD Nations:Impact and Evolution

This essay argues that economic systems should be defined in terms of clusters ofcomplementary institutions. To show how such an approach can be carried out, I use acluster analysis technique and data on forty different economic institutions in OECDnations to isolate four quite different economic systems. After specifying the mostimportant institutional clusters in each system, I then examine what impact these economicsystems have on various indicators of economic performance. Finally, I show how suchan approach allows particular evolutionary patterns of the systems to be analyzed...