The Institutional Structure Of Social Entrepreneurship In The Usa, Uk And Germany Within A Context Of Market-Based Vs. Bank-Based Systems
Since the beginning of the world economic crisis the level of unemployment across different countries increased significantly and so did social and welfare polarization of people. Under these conditions the emergence of social entrepreneurship could be viewed as an additional opportunity for the disadvantaged people to enhance their welfare and improve their living quality. As all the phenomena of such kind its activity should be coordinated by some special institutions in order to develop successfully, thus enhancing its aggregate performance. The paper reviews different kinds of economic systems inherent to certain types of integration between financial and industrial resources. So, the system of industrial development of the USA relies in most part on the stock market, while that of several European countries, such as the United Kingdom and Germany prefer to use credit resources, or the loan capital. The main purpose of the paper is to find out whether such trends hold true for the institutional structures of social entrepreneurship in these countries and whether that is the case for Russia as a country with a transitional economy. The paper contains some implications for such countries suggesting them to consider some opportunities of evolving their market-based institutions and bank sector to create a more suitable institutional system to support the development of social entrepreneurship.
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