The economic and social progress achieved by Greece in the post war decades decelerated after 1974 because all institutions sustaining the efficient operation of democracy and free markets were deliberately and gravely eroded. Under the impetus of hard core socialist provisions introduced in the...

This paper reviews the main macroeconomic trends and the debate on policy priorities in Italy since the advent of EMU. It argues that, in the decade up to the outbreak of the global crisis (1998-2007), in Italy the reform process came to a virtual standstill and fiscal policy was inconsistent...

The progress of post-socialist systemic transformation should be evaluated through the prism of its influence on a country's development abilities. During twenty years of comprehensive systemic shift, gross domestic product has increased only to a limited degree, on a par with the growth of the...

Since around 1980, communication and information technology moved the U.S. economy from an industrial base to an informational base. There was promise for economic growth, jobs, and a growing prosperity that would be generally shared in the population. However, this “new economy” turned out...

This paper reviews the main macroeconomic trends and the debate on policy priorities in Italy since the end of the Nineties. In the decade up to the outbreak of the global crisis (1998-2007), in Italy the reform process came to a virtual standstill; this is partly due to the fragmentation of the...

Most small island economies or "microstates" have distinctly different characteristics from larger developing economies. They are more open and vulnerable to external and environmental shocks, resulting in high output volatility. Most of them also suffer from locational disadvantages. Although a...

In this paper we bring out the performance of the Indian economy, and review the approach of macroeconomic policy especially demand management in the Indian economy. After the shock of the Global Financial Crisis (GFC), India’s economy did not dip much due to the well-directed fiscal stimulus...

This essay tests Milton Friedman’s conjecture that capitalism is a necessary condition for political freedom. For the decade around 2000 indices of the degree of capitalism and the degree of political freedom are highly correlated and provide plausibility for Friedman’s conjecture. In...