New Institutionalist Economics in the Post-Socialist Transformation Debate
AbstractThe paper suggests that there is a tension between the basic tenant of New Institutional Economics (NIB) and the manner in which it has been applied in the debate on post-socialist transformation. This tension is explored in the context of four main perspectives on NIB: (i) property rights, (ii) transaction costs economics, (iii) new economic history, and (iv) evolutionary economics. There are two main arguments. The first is that the transformation phase should be seen as 'open-ended' rather than a 'closed process' where the 'pure market' is the inevitable end result. The second is that, although the NIB literature touches on most of the issues which are relevant to post-socialist transformation, the insights that it offers are still too general for policy guidance. Copyright 1998 by Blackwell Publishers Ltd
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Economic Surveys.
Volume (Year): 12 (1998)
Issue (Month): 4 (September)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804
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- John Marangos, 2011. "Social Change versus Transition: The Political Economy of Institutions and Transitional Economies," Forum for Social Economics, Springer, vol. 40(1), pages 119-137, April.
- Dic Lo, 2004. "Globalisation And Comparative Economics: Of Efficiency, Efficient Institutions, And Late Development," Working Papers 137, Department of Economics, SOAS, University of London, UK.
- Marangos, John, 2006. "Developing a civilised society in transition economies: The Post Keynesian paradigm," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(4), pages 660-681, August.
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