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This book aims to define comparative economics and to illustrate
the breadth and depth of its contribution. It starts with an
historiography of the field, arguing for a continued legacy of
comparative economic systems, which compared socialism and
capitalism, a field which some argued should have been replaced by
institutional economics after the fall of the Berlin Wall. The
process of transition to market capitalism is reviewed, and itself
exemplifies a new combination of comparative analysis with a focus
on institutional development. Going beyond, chapters broadening the
application of comparative analysis and applying it to new issues
and approaches, including the role and definition of institutions,
subjective wellbeing, inequality, populism, demography, and novel
methodologies. Overall, comparative economics has evolved in the
past 30 years, and remains a powerful approach for analyzing
important issues.
This book aims to define comparative economics and to illustrate
the breadth and depth of its contribution. It starts with an
historiography of the field, arguing for a continued legacy of
comparative economic systems, which compared socialism and
capitalism, a field which some argued should have been replaced by
institutional economics after the fall of the Berlin Wall. The
process of transition to market capitalism is reviewed, and itself
exemplifies a new combination of comparative analysis with a focus
on institutional development. Going beyond, chapters broadening the
application of comparative analysis and applying it to new issues
and approaches, including the role and definition of institutions,
subjective wellbeing, inequality, populism, demography, and novel
methodologies. Overall, comparative economics has evolved in the
past 30 years, and remains a powerful approach for analyzing
important issues.
This book, a third edition, has been significantly expanded and
updated. It revisits the process of institutional change: its
characteristics, determinants and implications for economic
performance. New chapters address the significance of
Post-Communist transition, the differences and importance of
initial conditions in institutional building, and, social norms,
values, and happiness. Other chapters have been expanded to
include, for example, a focus on the Washington consensus,
commentary on the 2008 financial crisis, state capacity and
corruption, and new findings on redistribution and inequality. With
specific focus on Central Europe, Eastern Europe and Central Asia,
this revised edition examines the process of development, and its
interdependence with institutions.
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