Belarusian economy has been stagnating in 2011-2015 after 15 years of a high annual average growth rate. In 2015, after four years of stagnation, the Belarusian economy slid into a recession, its first since 1996, and experienced both cyclical and structural recessions. Since 2015, the...

In this paper, we propose a game in which each player decides with whom to establish a costly connection and how much local public good is provided when benefits are shared among neighbors. We show that, when agents are homogeneous, Nash equilibrium networks are nested split graphs....

This paper revisits the competitive environment of the banking system in Latin America and the Caribbean and investigates the early impact of fintech development in the region thus far. Against the backdrop of high net interest margins (NIMs) and limited financial depth in the region, panel...

Russia's invasion of Ukraine presents many challenges to the international order. To understand what is at stake, we argue that the nature of the political regime matters to understand this conflict. We propose a classification of three different types of political regimes (empires, nation...

Der Staat steht angesichts der Transformation von Wirtschaft und Gesellschaft durch die Digitalisierung, die Globalisierung und den Klimawandel vor neuen und großen Herausforderungen. Diesen wird er am besten gerecht, wenn er Probleme präventiv behandelt und nicht ex post „heilt“. Um die...

The varieties of capitalism (VoCs) approach has the potential to transform economics. It implicitly emphasizes the plasticity of economies, whereby their character and outcomes are significantly a matter of choice. This paper augments VoCs theory to include a distinction between varieties and...

Keynes' General Theory was a massive step forward relative to classical economics, but it was also a step backward in its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding the workings of monetary economies, but also need to...

Neoliberalism is a political economic philosophy that consists of two claims, one economic and the other political. The economic claim is free market laissez-faire economies are the best way to organize economic activity as they generate efficient outcomes that maximize well-being. The political...

By means of a long-run analysis on electoral and inequality data, this article shows that there exists a temporal correlation between inequalities and non-voting behaviour. Non-voting is progressively becoming a widespread phenomenon, beyond specific national contexts, and challenges the...

Our recent article on "The Road to Gaza" examined the history of the three supreme-God churches and the growing role of their militias in armed conflicts and wars around the world. The present paper situates these militia wars in the broader vista of the capitalist mode of power. Focusing...