EuroEconomica, Vol 32, No 2 (2013)

Abstract

Developement and electronic prosperity illustrates undoubtebly nodal objectives of every nation wolrdwide. Economic freedom and democracy are the proper way to achieve such performances in an open society but in conditions of risk high uncertainty and information asymmetry. In such terms the laissez - faire policy requires institutional support in order to facilitate social relations integrity, honesty between economic agents, the rule of law and a stable and efficient economic climate able to generate thrust and development. The purpose of this paper is to highlight the major contributions of institutions to the economic performance of a free society where life is guided by the invisible hand of the market and spontaneous discipline in oreder to emphasize that order might be compatible with freedom but also with the idea of economic progress.