The Organisational Effect of the Economic System*

According to the convergence hypothesis, different economies are bound to converge to one supposedly superior system under the uniformating pressure of globalisation. Consequently, also organisational structures converge. Contrary to what the convergence hypothesis maintains, globalisation does not originate nor requires the convergence to a unique, best economic system and organisational structure. This is so because of the features of globalisation and the microstructure of the economic system. The economic system is the basic co-ordination device that bounds economic actors, addresses their efforts and constrains their expectations with respect to economic interaction. In this way the system defines advantages and gains and disadvantages and costs of different organisational structures. These gains and costs determine those organisational structures that are most efficacious in any context formed by particular environmental and individual features. JEL classification: D23, L22, P00, P50