Aim: In this paper, it is argued that in complex financial systems private goods, important for the creation of a market, have to be considered in a multiple of differing property rights structures necessary for the functioning of the system. This may lead to high transaction costs and adverse...

In this article, it is argued that the economic and political transformation in Central and Eastern European countries towards the end of the twentieth century towards a market economy were irreversible and path dependent. The author discusses the importance of this issue for the success of...

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 the...

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...

Widely ignoring recommendations from mainstream economics, the some Central Asian countries have achieved remarkable economic growth rates since their transformational recession in the 1990s. While Kazakhstan, Uzbekistan, and Turkmenistan have greatly benefitted from increasing world market...

This contribution explores the importance of independent organizations in authoritarian regimes. While some authoritarian governments delegate policy tasks to (relatively) autonomous agencies simply in order to improve their domestic or international image as modern political leaders or to build...