during many years after second world war, keynos and welfare economy dominated europe and many other countries. transpiring the depression in 1970's and welfare government failure, market economy was observed by west politicians and voters. hayek was one of the few intellectuals who theoretically and practically opposed the welfare and keynes government by raising the economical spontaneou...

To explain cross-country differences in economic performance, the economics of coordination failures typically portrays each country in a closed economy model with multiple equilibria and then argues that the poor countries are in an equilibrium inferior to those achieved by the rich. This approach cannot tell us anything about the degree of inequality in the world economy. A more satisfactory ...

The opening of the People’s Republic of China (PRC) to the external world has changed the economic landscape around the world. With China’s entry into the World Trade Organization (WTO), past speculations about China as a world economic power in the 21st century has become a reality few would dispute anymore. With more than 25 percent of the world’s population, China is a market that promises e...