With the end of the Cold War at the end of the twentieth century, the post-socialist transition in Central and Eastern Europe, China and Vietnam, the impressive growth of India, and the rapid spread of globalization, today's world is vastly different from that of two or three decades ago. Many of these changes are closely related to the concerns of economics and, in particular, institutional economics, which has been brought to the forefront due to the analysis of institutions in transition economies, and the realisation of how large a part they play in a successful market economy. With the aim of providing a comprehensive analysis of institutions, and of the global economy more generally, this volume explores systems of institutions, the interactions between institutions, and the effect that corruption can have on them. There is also an examination of the impact of immigration, a look at developments in behavioural economics, and an exploration of the links between democratic progress and economic growth. This volume brings together a wide range of scholars from around the world and provides a comprehensive overview of recent trends in economics, as well as explaining how economics plays a crucial part in understanding and analysing important changes taking place internationally. With a variety of contributions focusing on institutions, development and corruption, this volume is essential reading for all those interested in examining the part which economic institutions play in transition, and for those wanting to place the modern world in a wider economic context.