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...

The paper looks at the deep and the direct causes of the crisis in the Eurozone and considers what changes are necessary. It shows that, together withfinancial aspects, the Eurozone crisis stems from the difficulties of the real economy and the incompleteness of European institutions. The former...

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...

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 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...

Transformation has been put in motion by a variety of both endogenous and exogenous forces. Although not any process was under the control of those countries, their choice of goals and instruments was anyway particularly great, at least theoretically. However, transformation was implemented as a...