The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s "veil of ignorance": individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of microeconomics. A good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan’s economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker’s Rule. Very simply, the banks, whose lending determined deposits after Roosevelt, and were a public service became private enterprises whose deposits determine lending. These underlay the great moderation preceding 2006, and the subsequent crash.

The Economic Institutions of Capitalism

The four Visegrad states — Poland, the Czech Republic, Slovakia (until 1993 Czechoslovakia) and Hungary — form a compact area between Germany and Austria in the west and the states of the former USSR in the east. They are bounded by the Baltic in the north and the Danube river in the south. They are cut by the Sudeten and Carpathian mountain ranges, which divide Poland off from the other states. Poland is an extension of the North European plain and like the latter is drained by rivers that flow from south to north west — the Oder, the Vlatava and the Elbe, the Vistula and the Bug. The Danube is the great exception, flowing from its source eastward, turning through two 90-degree turns to end up in the Black Sea, forming the barrier and often the political frontier between central Europe and the Balkans. Hungary to the east of the Danube is also an open plain. The region is historically and culturally part of western Europe, but its eastern Marches now represents a vital strategic zone between Germany and the core of the European Union to the west and the Russian zone to the east.

Economy and Society

What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.

The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields (Chinese Translation)

The History of Economic Analysis

Inevitably, reading is one of the requirements to be undergone. To improve the performance and quality, someone needs to have something new every day. It will suggest you to have more inspirations, then. However, the needs of inspirations will make you searching for some sources. Even from the other people experience, internet, and many books. Books and internet are the recommended media to help you improving your quality and performance.

The Logic and Limits of Trust

This article draws on information economics to examine when signals and endorsements obtained from multiple information sources enhance or diminish one another's effects. We propose that signals th...

Resolving Information Asymmetry: Signaling, Endorsement, and Crowdfunding Success:

Why does the level of venture capital activity vary across countries? This study suggests that the variation can be attributed to the different levels of formal institutional development. Further, this study proposes that venture capitalists respond differently to the incentives provided by formal institutions depending on different cultural settings. Analysis of VC activity for 68 countries during the 1996-2006 period shows that formal institutions have a positive effect on the level of venture capital activity, but this effect is weaker in more uncertainty-avoiding societies and in more collectivist societies. This study has useful theory and policy implications for venture capital and entrepreneurship development.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1635265_code651404.pdf?abstractid=1635265&mirid=4

Formal Institutions, Culture, and Venture Capital Activity: A Cross-Country Analysis

We explore how social entrepreneurship (SE) research extends the field of International Entrepreneurship (IE) to affect global sustainable well-being. Well-being is a multidimensional concept that includes financial, social and environmental wealth creation. Much of IE research thus far has been based primarily on assumptions of economic opportunity recognition, evaluation and exploitation. We use the SE perspectives of blended value and international governance to revise the definition, assumptions and boundaries of IE at the firm and international policy levels. We propose a broader vision for the IE field based on an expanded set of assumptions beyond traditional economic thinking.

On the Frontiers: The Implications of Social Entrepreneurship for International Entrepreneurship

We explore how social entrepreneurship (SE) research extends the field of international entrepreneurship (IE) to affect global sustainable well-being. Well-being is a multidimensional concept that includes financial, social, and environmental wealth creation. Much of IE research thus far has been based primarily on assumptions of economic opportunity recognition, evaluation, and exploitation. We use the SE perspectives of blended value and international governance to revise the definition, assumptions, and boundaries of IE at the firm and international policy levels. We propose a broader vision for the IE field based on an expanded set of assumptions beyond traditional economic thinking.

On the Frontiers: The Implications of Social Entrepreneurship for International Entrepreneurship:

We investigate the following important questions in international business. How do multinational enterprises (MNEs) choose ownership strategies when facing strong uncertainty in foreign market entries? How are the choices affected by industry contingencies? Following the key tenets of real options theory, we propose that, under a high level of market uncertainty, MNEs choose more flexible (rather than more committed) ownership strategies that allow adjustment of investment decisions in future. We further suggest that using flexible strategies in response to uncertainty becomes less valuable for MNEs when the industry they enter in the host country enjoys strong sales growth potential, requires less irreversible investments, and has intense competition. Empirically, we analyze the ownership strategies (ownership structure and equity share) of over 5000 new foreign investments in manufacturing industries in China during 2000–2006. We find qualified support for our hypotheses, and discuss the industry boundary conditions of adopting flexible ownership strategies in foreign market entries.

https://link.springer.com/content/pdf/10.1057%2Fjibs.2010.25.pdf

Yong Li

Papers

Resolving Information Asymmetry: Signaling, Endorsement, and Crowdfunding Success:

Formal Institutions, Culture, and Venture Capital Activity: A Cross-Country Analysis

On the Frontiers: The Implications of Social Entrepreneurship for International Entrepreneurship

On the Frontiers: The Implications of Social Entrepreneurship for International Entrepreneurship:

Flexibility versus commitment: MNEs’ ownership strategy in China