Comparative economic systems literature deals extensively with ‘systemic functions’ and ‘performance criteria’ such as growth, efficiency and equity but rarely mentions the topic of resilience. This paper focusses on the issue of resilience while drawing several important lessons from...

The notion that state capitalism (an economic system “in which the state functions as the leading economic actor and uses markets primarily for political gain”) is a new form of capitalism emerging in the global arena has been recently advanced by several authors. This paper explores the...

type="main" <title type="main">Summary</title> <p>This paper elaborates the notion of “crony capitalism” and advances an innovative approach to the analysis of the phenomenon in case, seen as a type of rent-seeking society. The argument leads to a pioneering attempt to elaborate an original theory of crony capitalism as...</p>

Commenting on the Pinochet regime, Friedrich Hayek famously claimed in 1981 that he would prefer a 'liberal' dictator to 'democratic government lacking liberalism.' Hayek's defense of a transitional dictatorship in Chile was not an impromptu response. In late 1960, in a little known BBC radio...

Much controversy exists over whether F. A. Hayek posited an inevitability thesis – interventionist policy would supposedly mutate into full-blown command planning – in The Road to Serfdom. This paper argues that much of the confusion over Hayek’s alleged inevitability thesis is generated...

Brennan and Hamlin (2002) note that expressive voting still holds at the constitutional phase. The argument, when taken to its necessary conclusion, proves quite problematic for Constitutional Political Economy. Veil mechanisms following Buchanan induce expressive voting at the constitutional...