New Systemic Institutional Approach for Comparative Political and Economic Analysis
The idea that modern economics is necessarily based on market capitalism continues to dominate in scientific-scholarly discourse. The objective of this article is to present institutional matrix theory, or X- and Y-theory, as an alternative systemic institutional approach to economic and political development. It puts forward some new arguments to explain â€œgrassroots resistanceâ€ to the deep marketization in many societies and answers the question why capitalism triumphs in the West and fails everywhere else.JEL Classification: P51, B52, A13
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