This essay employs a database of covering 31 different types of economic institutions for 41 developing nations. Defining an economic system in terms of clusters of complementary institutions and performing a cluster analysis, I derive four different types of economic systems. Then I explore the...

The new comparative economics focuses on individual institutions, rather than considering the economic system as an entity. In this essay we argue that economic systems should be defined in terms of clusters of complementary or covarying institutions. A cluster analysis of OECD countries, using...