Culture, mainly defined as values and beliefs, has recently attracted much attention in economics. Cultural practices receive less attention, as emphasized in anthropology. We argue that the notion of ‘ritual’ can enrich economic research on culture as a specific form of socially standardized interactions that create shared contexts and emotions to build mutual trust and community. China is an important case in point, because ritual is a central concern in common interpretations of traditional Chinese culture. We look at practices of Chinese entrepreneurs that activate rituals in various settings. We conclude that these phenomena can be analytically condensed in the cultural complex of a ‘ritual economy’.

The paper considers the impact of the current economic crisis on post-socialist welfare capitalist states through an examination of two most different cases: neo-liberal Estonia and neo-corporatist Slovenia. The crisis prompted the most sustained political contestation with respect to each model in two decades. Considering national public sphere discussions within a broader European context, the paper shows how transnational advocates of austerity reinforced Estonia’s neoliberal model but emboldened critics of the Slovenian model to roll back the state. While public sphere debates within small, peripheral states must be understood within transnational contexts, in both cases we can observe more continuity than change in the collective ideas underlying each model.