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Analyzes role and performance of the legal and underground private sector during earlier periods vis-à-vis current efforts to privatize state-owned enterprises. Concludes that a policy of rapid massive privatization is impracticable in Poland as well as in Hungary.

"The Routledge Handbook of Comparative Economic Systems examines the institutional bases of economies, and the different ways in which economic activity can function, be organized and governed. It examines the complexity of this academic and research field, assessing the place of comparative economic studies within economics, paying due attention to future perspectives, and presenting critically important questions, analytical methods and relative approaches. This complements the recent revival of the systemic view of economic governance, which was accelerated by the 2020 pandemic and likely even more the renewed East-West clash epitomized by the Russian invasion of Ukraine and the West's reaction to it. The handbook is divided into five parts. Each part deals with an issue of relevance for the discipline. The first and second parts look at the subject, content and approach of the discipline and its comparative method. The third part looks at the idiosyncratic nature of different economic systems and their constituent elements. The fourth part considers the outcomes that different economic systems generate and how these outcomes change following the evolution and transformation of economic systems. The last part takes stock and looks ahead at the challenges, from a theoretical and applied perspective, and the exogenous and endogenous factors promoting the advancement of the discipline, including the interaction between and competition among varied approaches and opposing paradigms. The handbook brings together leading international contributors to reflect on the relevant debates and case or country studies, provide a balanced overview of the results achieved and current knowledge, as well as evolving issues and new fields of research. The book provides researchers, students and analysts with a complete, critical and forward-looking presentation and analysis of the content, development, challenges and perspectives of comparative economic studies"--

Entrepreneurship, the entrepreneur and the territory : an introduction / Bruno Dallago -- Are anchor institutions the answer to the prayers of small business owners in the UK? / David Smallbone -- Comparative analysis of innovation policy and market quality : lessons from Russia and Japan / Satoshi Mizobata -- Different types of informal entrepreneurs in fragile "transitional" contexts : case based evidence in Russia / Alexander Chepurenko -- Re-stimulating Chinese entrepreneurship through the mixed ownership economic reform / Zhikai Wang -- Determinants on the internationalization of Chinese enterprises : evidence from firm-level survey data / Jiadong Pan and Wen Xiao -- Managerial quality, business liberalization and corruption : the case of Turkey / Maria Luigia Segnana and Maria Litvinova -- Entrepreneurship, universities and governments -- Innovation modes and knowledge relations : the learning match between university and enterprises in a regional perspective / Peter Nielsen -- Creative workers in Europe : is it a reserve of the "would-be entrepreneurs"? : a cross country comparison / Makó Csaba, Miklós Illéssy and András Borbély -- Graduate entrepreneurship support : what higher education institutions do, and how government can support them : lessons from Hungary and Ireland / Andrea-Rosalinde Hofer and Peter Baur -- The effect of government intervention on entrepreneurship : empirical evidence from China / Wenjie Zhu and Zhikai Wang -- The territory as context -- The role of a local university in regional development : the case of Regensburg / Joachim Möller and Christoph Rust -- Academic spin-offs and the innovative city : universities' role in the entrepreneurial ecosystem of Boston / Alessandro Baroncelli and Matteo Landoni -- Native and immigrant entrepreneurship : costs of doing business and local liabilities / Simone Guercini & Matilde Milanesi -- Conclusion / Ermanno Tortia -- Index

Corporate governance in transformation economies : a comparative perspective / Bruno Dallago -- Economic transformation and corporate finance in the post-communist world / Fumikazu Sugiura -- Corporate governance, ownership concentration and foreign direct investment in the Czech Republic / Kryštof Mejstřík and Michal Mejstřík -- The Czech emerging financial markets and their roles in corporate finance / Zdenek S. Blaha -- Corporate restructuring, foreign direct investment, and Japanese multinationals in the Czech Republic / Shuichi Ikemoto -- Corporate governance and ownership concentration on the Budapest stock exchange / Zsolt Bedoʺ and Iván Bélyácz -- Corporate restructuring and the role of foreign direct investment in Hungary / Ichiro Iwasaki -- Corporate law and governance mechanism in Russia / Ichiro Iwasaki -- Corporate ownership and control in Russian companies : trends and patterns / Tatiana Dolgopyatova -- Evolution of corporate governance in Russia : governmental policy vs. real incentives of economic agents / Andrei Yakovlev

AbstractThe European Semester (ES) and the country-specific recommendations (CSRs) have been introduced with the purpose to promote flexibility and adaptation to national circumstances in the governance of fiscal policies. To assess whether the ES has contributed to reconcile economic and social objectives, we measured, through the distance to frontier (DTF) score methodology, the distance of each member country from a benchmark based on EU aims and values defined in the EU treaties. Results show that EU member countries are far from the benchmark and CSRs have not prevented a progressive deterioration of stability and cohesion from an economic, political and social perspective. A content analysis of the CSRs issued from 2011 to 2018 and a comparison with the DTF scores reveal a weak connection between member countries' performance and CSRs. Despite the social content of many CSRs, we actually observe a "commodification" of their goals. CSRs promote a society functional to flexible and competitive markets, and compatible with the requirements of fiscal discipline and sustainability. This neoliberal approach apparently played a role in the EU deterioration and makes the "socialization" of the ES a process with ambiguous implications for European citizens.

The European Semester (ES) and the country-specific recommendations (CSRs) have been introduced with the purpose to promote flexibility and adaptation to national circumstances in the governance of fiscal policies. To assess whether the ES has contributed to reconcile economic and social objectives, we measured, through the distance to frontier (DTF) score methodology, the distance of each member country from a benchmark based on EU aims and values defined in the EU treaties. Results show that EU member countries are far from the benchmark and CSRs have not prevented a progressive deterioration of stability and cohesion from an economic, political and social perspective. A content analysis of the CSRs issued from 2011 to 2018 and a comparison with the DTF scores reveal a weak connection between member countries' performance and CSRs. Despite the social content of many CSRs, we actually observe a "commodification" of their goals. CSRs promote a society functional to flexible and competitive markets, and compatible with the requirements of fiscal discipline and sustainability. This neoliberal approach apparently played a role in the EU deterioration and makes the "socialization" of the ES a process with ambiguous implications for European citizens. SUPPLEMENTARY INFORMATION: The online version contains supplementary material available at 10.1057/s41294-021-00171-2.

The European sovereign debt crisis has demonstrated the need for a rethinking of the European integration project. The strong variety between member countries prevented Eurozone to become a fiscal and political union and the asymmetric architecture of EMU revealed different weaknesses. The outbreak of the covid-19 emergency may represent a turning point for EU, and makes even more evident that the future of the Eurozone will depend also on the ability of member countries to make their institutional frameworks coexist. Helping member countries to achieve sustainable and stable outcomes, although in idiosyncratic ways, is the task of the European benchmark. It is a framework, inspired by European treaties, that aims to identify inefficiencies in terms of market, state and social failures and negative externalities inside economic, social and political institutions. This benchmark represents a new tool for a correct evaluation of the economic, social and political performance of the European member countries.