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Political Economy Dimensions of the Crisis: the Case of Bulgaria

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  • Garabed Minassian

Abstract

The author’s opinion is that it is the endogenous rather than the exogenous factors that happened to be decisive for overcoming the present and newly arising economic difficulties and obstacles. Various manifestations of the crisis are examined and it is proved that the poor quality of the domestic institutions and their operation underlie the economy in stagnation. The macroeconomic elite conceives its participation in the power as a unique opportunity to get rich and considers its functions as a possibility for a “free riding”, i.e. that economic processes develop almost automatically by their own laws and that an individual misuse will not affect the natural course of developments. Especially dramatic is the situation in the legal system which allows washing ownership rights away and is influential in bringing about distorted non-market norms of behavior. Even commonsense regulatory principles are turned into a caricature. The behavior of economic players at company level gives grounds to claim that the managers’ preparation does not come up to the level required. Ultimately, it is the education system that could raise all the population and the economic players to the point where a real control and improvement of the present system of management of society will become possible.

Suggested Citation

  • Garabed Minassian, 2017. "Political Economy Dimensions of the Crisis: the Case of Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 3-20.
    • Handle: RePEc:bas:econst:y:2017:i:3:p:3-20
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    References listed on IDEAS

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    1. repec:bas:econth:y:2013:i:6:p:20-34 is not listed on IDEAS
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    3. Garabed Minassian, 2015. "Non-Government Debt and Economic Activity," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 3-23.
    4. Szenberg,Michael & Ramrattan,Lall (ed.), 2004. "New Frontiers in Economics," Cambridge Books, Cambridge University Press, number 9780521836869.
    5. Szenberg,Michael & Ramrattan,Lall (ed.), 2004. "New Frontiers in Economics," Cambridge Books, Cambridge University Press, number 9780521545365.
    6. Ivan Todorov, 2015. "Two Approaches for Evaluating the Aggregated Production Function of Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 67-81.
    7. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
    8. Hodgson, T.M. & Breban, S.J. & Ford, C.L. & Streatfield, M.P. & Urwin, R.C., 2000. "The Concept of Investment Efficiency and its Application to Investment Management Structures," British Actuarial Journal, Cambridge University Press, vol. 6(3), pages 451-545, October.
    9. Garabed Minassian, 2013. "Bulgarian banking: looking for sustainability," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 7(3), September.
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    More about this item

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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