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EN
In this article the concept of institutional genotype is proposed taking into account reason-consequence connections and genetic relations in economical systems based on institutional, social-economical, evolutionary, and cultural factors. The category of institutions is researched in comparison with «genotype» in borders of organizational structure «phenotype» which is formed in evolution as the result of society genotype ancestral attributes interaction and institutional medium conditions. The similarity of institutions to genes and the mechanism of their development, copying, and the ways they influence individuals and organizations are analysed. Attention is concentrated on the fact that the socio-economic development and institutional changes are different in many aspects. This is due to a mismatch of the processes occurring in these systems. For a more thorough understanding of the concept of institutional genotype, the vertically-tier structure was analysed and «kleptocratic institutional genotype» was investigated, which dominates in the economy of Ukraine.
EN
The paper focuses on changing pattern of accumulation in the leading corporate organizations. The observation refers to the increased profit-making through financial channels by these agents, especially those from non-financial sectors, as well as to their increased vulnerability to developments in financial markets. It is argued, that the identification of such a behaviour, called here the financialization, offers an inspiring perspective on a nature of contemporary economy. The analytical approach draws from institutional economics. Accordingly, the points on institutional interlocking at three layers of analysis are made: between the financialization and new institutional arrangements in the corporate domain; between a shift in corporate governance and changing social coalitions and values in the domain of state; between the changing institutional framework and economic policies. It is found out that the outcomes result in ideational systems, such as the shareholder view in corporate governance, managerial capitalism, neo-liberal policies, which seem to be adequate to the complex contemporary meaning of globalization. Due to global value chains, the finanzialization of the American and European corporations has its consequences for the developing South. The referred patterns and problems are also transferred to other peripheral economies, new member states of the EU included.
EN
In this paper we examine the degree of attractiveness of 134 national economies from the point of view of multinational producers – foreign investors – during the period 2011 – 2012. Our theoretical framework is determined by the so-called varieties of capitalism theory that enables us to describe the examined economies in terms of their institutional setup. We use factor analysis to identify latent factors that characterize the institutions of capital markets, labour markets, and government interventions in the field of fiscal policy and redistribution. Our results imply that labour market institutions and characteristics represent the decisive factor in determining the degree of attractiveness of these economies. According to our results, Slovak economy belongs to the group of the most attractive countries; however, the sustainability of this position critically depends on labour market developments – notably on maintaining the flexibility of employing workers, and the relatively high level of labour force qualifications and skills.
EN
Rent-seeking is both ubiquitous and inevitable. One would think the best and easiest way to avoid the rent-seeking problem is to avoid establishing the institutions that create rents. What one may fail to recognise is that the problem is much more general, that it is the presence of or potential for rights that leads to rent-seeking behaviour. All rights create rents by their very nature. Rent-seeking is both an agent-government phenomenon and an agent-agent phenomenon. The neoclassical rent-seeking concept has labelled the former as wasteful while ignoring the presence of the latter. The paper provides a different view of the problem and follows institutional concept of rent-seeking.
EN
In The Higher Learning in America, Veblen speculated on the prospects of the schools of commerce within the American university. Specifically he postulated that (a) instruction in the field of commercial training may all into a more rigidly drawn curriculum, that diverges from the ways of scientific inquiry (b) the college of commerce would divert funds from legitimate university uses, (c) create a bias hostile to scholarly and scientific work and (d) train graduates who would have better skills to predate on the community. The Higher Learning in America is an extension of his economics and was meant to be a warning about the cumulative effect of the conduct of universities by business principles. This paper summarizes the Veblenian approach used to question the legitimacy of the business school in the modern university. The goal is to promote a re-consideration of the role of the business school with respect to a Veblenian analysis.
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