The recent global financial crisis has resulted in a new creative set of economic policies. The justifi- cation for the unconventional policy response was based on the implicit assumption that the departure from the norms of macroeconomic policies would be temporary. This detour has lasted longer than expected. Now that the process of normalization has started in the United States and is likely to be followed (albeit in some delay) in Europe, it would be important for policy makers to emphasize that the unconventional set of economic policies were just a detour from the longstanding convention rather than representing a new paradigm. The experience of the crisis and the post-crises years should be recorded in history as refl ecting a period during which new and important policy chapters were drafted. These chapters should be added to the corpus of knowledge of macroeconomic theory and policy. The new chapters contain important lessons that should definitely not be forgotten once the crisis is over. They should be added to, but not replace, the old textbooks.
, because the government has to pay little attention to the property rights of many small owners, who, in democratic countries can challenge, delay, or even stop the creation of large infrastructures, by refusing to collaborate, or to the views of small
moved immediately to the stage of adapting the product to their own needs and adding their own intellectual thought, and finally, also without delay – to mass production of such an advanced product. In the classical market economy and traditional Western
, particularistic interest can delay or even block practical executive actions for the national interests. In Orbán's vision, illiberal democracy retains regular multi-party elections, but much like in Putin's version it assumes a system of “national cooperation
provide everyone with a net annual income above RMB (renminbi) 2300, an equivalent of USD 324 at the market exchange rate, and of USD 684 at PPP. Unfortunately, the perturbation brought by the Covid-19 outbreak will doubtless delay this historic
operating in accordance with the ‘rule of law’ is likely to seem quite messy, with lots of procedures and arrangements to block or delay significant change at the higher levels, along with much protection for individual citizens and private firms
money and capital markets even by the Western European standards. This delayed the adjustment of budgetary expenditures to revenues and real capabilities. In addition, due to the weaknesses of the institutional framework, fundraising from external
devote extensive time to prepare for the examinations. This delays the available workforce from entering the labour market, and the proportion of the workforce that is idle continually increases. As these students are preoccupied with preparations for
In the otherwise rich debate on the eastward expansion of the Eurozone, fragmented approaches prevail, leaving several conceptual avenues of this process underexplored. The case of Poland — initially a fervent enthusiast of the euro adoption and a somewhat assertive endorser today — offers in this context an opportunity to add to the debate and deepen our understanding of the logic behind eastward expansion of the Eurozone. In what follows, Poland's prospective Eurozone entry is examined from the broader angle of the historically determined conceptual and policy-making context of systemic transition. To this end, a conceptual nexus between Eurozone expansion and transition is established and examined through the historical institutionalist perspective. It is argued that rather than being solely a function of Poland's EU membership, both the decision to adopt the euro and the attainment of real and nominal convergence are predominantly a function of the, as yet unfinished, transition process. Interestingly, as this paper suggests, the inconsistency inherent in the execution of the Maastricht convergence criteria not only creates disincentives that effectively delay Poland's Eurozone entry but also triggers reform-drift and backsliding, thus casting a shadow on the prospect of the completion of the Polish transition and its sustainability.