Institutions and transition: Lessons and surprises
AbstractThis paper starts with some definitions and concepts to clarify what we have in mind when we talk about economic institutions and the political economy of transition. Much discussion of the area is characterised by ambiguity and confusion, and while there are many partial theories of institutions covering specific cases, we still lack an all encompassing theory. The institutions important for transition are introduced next, this discussion helping to make clear the critical distinction between institutions per se, and the concrete organisational and legal forms through which they are implemented in particular country settings. For those transition economies that have already joined, or wish to join the EU, this includes some remarks on the acquis communautaire. Some empirical evidence on the role of institutions in facilitating transition and fostering post-socialist economic growth is then reviewed, finding support for the rule of law, secure property rights (ownership and business contracts) and liberal trade. As an aside to the main argument, a brief account of possible directions of institutional reform in North Korea is presented. Finally, the concluding section outlines what transition has taught us about the roles of institutions in economic life, and highlights some important unsettled issues, including the problem of embedding new institutions in different cultural settings.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Akadémiai Kiadó, Hungary in its journal Society and Economy.
Volume (Year): 35 (2013)
Issue (Month): 1 (April)
Note: Paper presented at Corvinus University of Budapest, Hungary, September 2012; first prepared as a Keynote Address for the EACES Conference 2012, Paisley Campus, University of the West of Scotland, September 6–8 2012. The paper draws heavily on my contribution to the forthcoming edited volume on transition, Handbook of the Economics and Political Economy of Transition, edited by Paul Hare and Gerard Turley, to be published by Routledge in April 2013. In one section, the paper also makes use of some ideas discussed in my recent paper on North Korea, ‘North Korea: Building the Institutions to Raise Living Standards’, paper for a special issue of International Economic Journal edited by Gerard Roland.
Contact details of provider:
Web page: http://www.akkrt.hu
Postal: Akadémiai Kiadó Zrt., Prielle K. u. 21-35. Budapest, 1117, Hungary
Find related papers by JEL classification:
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
- P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Andrea Pók).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.