F. A. Hayek published The Road to Serfdom in 1944, so 2019 marks the 75th anniversary of the event. The paper traces how Hayek came to write the book, who his opponents were, and how the book got interpreted by both friends and critics after its publication. Because the book is more typically...

A model is presented where the question of bank regulation is developed under a principal-agent scenario in a regime where the regulator has limited resources and banks may have an incentive to act ultra virus the regulatory standards. If banks are subject to random audit, then compliance is...

In this essay, I seek to provide an overview of André Gorz's conception of modern capitalism, considering different moments of his intellectual production. From his initial criticism of the concept of the proletariat between the 1970s and 1980s until his last theoretical work that addresses the...

Russia has seen even higher oil windfall in the past few months, which translates into likely fiscal surpluses 2011 and 2012. The government should not miss the opportunity provided by a large oil windfall to substantially improve its long-term fiscal position, further reduce inflation, and,...

A complex analytical framework, the Interactive Party state model (IPS), is offered for revealing the structural and dynamic background of opposite processes: first, the development of the communist party as a political entity into a politically monopolized regime and then to a social system;...

This paper is dedicated to the relation between market development and democracy. We distinguish contexts and preferences and ask whether it is true that the demand for democracy only emerges after a certain degree of market development is reached, and whether, conversely, democratization is...

This paper surveys the theoretical literature on the effect of soft budget constraints on economies in transition from centralization to capitalism; it also reviews our understanding of soft budget constraints in general. It focuses on the conception of the soft budget constraint syndrome as a...

Recent scholarship argues that one solution to ensure longevity and economic growth in an authoritarian regime is to co-opt potential opposition by offering them limited policy influence in a national legislature. While co-option theory generates a number of predictions for delegate behavior...