After the fall of state socialism about two decades ago, democracy and market economies were assumed to diffuse worldwide. However, the American financial crisis of 2008, leading to a worldwide economic crisis caused increasing criticism of capitalism. As laissez-faire capitalism, Keynesianism...

The paper deals with transformation of institutions and the new paradigm in economics, evolutionary economic theory. First mainstream approaches to explain transformation (here called "transition") are criticised, then the conception of evolutionary economics is defined. Transformation - like...