Warianty tytułu
The Institutional System as a Determinant of the Use of the "New Economy's" Potential the Case of Europe and the USA
Języki publikacji
Abstrakty
Celem artykułu jest próba oceny roli systemu instytucjonalnego w kształtowaniu możliwości wykorzystania potencjału stwarzanego przez "nową gospodarkę". Zostaną porównane wybrane elementy systemów instytucjonalnych USA oraz wspomnianych krajów europejskich. (fragment tekstu)
The last decade of the 20th century was the period of vigorous growth of the American economy. The economy was continuously growing for eight years. Even though the growth was driving unemployment down to a 30 year low, inflation was still kept very low. As a result, many economists started to write about the "New Economy". However, the "New Economy" seemed to avoid continental Europe, where besides Ireland, Sweden and Finland, the biggest economies of the euro zone, Germany, France and Italy, were not able to accelerate their economic growth. The work presents a hypothesis that an institutional system is the factor that mostly determines the harnessing of the potential of the "New Economy". Thus the paper investigates the influence of institutional differences between the US and Europe on the development of the "New Economy". The biggest institutional differences, which were analysed, concern entrepreneurship competitiveness, international openness, elasticity of labor markets and characteristics of financial markets. The analysis shows that the level of transaction cost, which results from the institutional system, is much lower in the US than in Europe. That enables the American economy to use the potential of the "New Economy" much more effectively than it is possible in Europe.(original abstract)
Słowa kluczowe
Czasopismo
Rocznik
Strony
101--110
Opis fizyczny
Twórcy
autor
- Uniwersytet Mikołaja Kopernika w Toruniu
Bibliografia
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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