This book depicts the role of both formal and informal institutions in achieving long-term economic efficiency and development. It is organized into three sections: the first section deals with the historical and political roots that make institutions favorable to development; the second section offers theoretical perceptions of immaterial institutions; the last section explores how the various official institutions such as international organizations interrelate with the process of development. As both the recent global financial crisis and the subsequent sovereign debt crisis within the Eurozone have shown, sustainable development is a combination of human, social and institutional factors that interact with each other and go beyond the strictly economic conditions of each country. With contributions from several countries in Europe as well as Iran, this volume offers readers an international and multidisciplinary perspective of the institutionalist determinants of growth in the long run.

Focuses on real-world experiences in order to apprehend the evolution of free market development Examines the growing role of NGO's in the modern state in innovation and sustainable development Presents a theoretical model that captures the relation between institutions and economic development

Autorentext
Spyros Vliamos is Dean of the Business School of Neapolis University Pafos, Cyprus and Professor Emeritus of Political Economy at the National and Kapodistrian University of Athens, Greece, specializing in Institutional Economics and Entrepreneurship.
Michel S. Zouboulakis is Professor of in History & Methodology of Economics and Department Head of Economics at the University of Thessaly, Greece.

Inhalt
Part I Institutional Roots of Development.- 1. 1688 and All That: Property Rights, the Glorious Revolution and the Rise of British Capitalism.- 2. The Contemporary State and Interests: A Framework of Analysis.- 3. NGO in the Modern State.- 4. Freedom and Friendship: Some Thoughts on the Renewal of Our Democracy.- 5. The Institutional Impact on Economic Development in Iran.- Part II Theoretical Insights of Institutions.- 6. Critical Realism in the Analysis of National Innovation Systems.- 7. From Commons Dilemmas to Social Solutions: A Common Pool Resource Experiment in Greece.- 8. Public Goods, Club Goods and Specialization in Evolving Collaborative Entities.- Part III International Organizations and Development.- 9. The International Financial System and the Role of Central Banks in the Great 20079 Recession and the 'Monetary Peace'.- 10. Institutions and International Political Economy: Realist Readings of International Regimes.- 11. EURussia Antagonism in South-Eastern Europe: The Energy Factor.- 12. Declining Activity of the European Commission in Legislative Initiatives: Is the Commission Losing Its Influence?.- 13. Amendments to Legal Regulations in the Field of the Enterprises Restructuring Procedures in Poland.