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After Socialism: Where Hope for Individual Liberty Lies

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  • Svetozar Pejovich

    (Texas A&M University, College Station, and Imadec University)

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    Abstract

    The paper identifies the rule of law, the carriers of institutional restructuring, and the prevailing informal rules in the community as three critical determinants of the outcome of institutional restructuring in the community. The paper demonstrates that the analysis of the interaction among these three determinants – a claim I call the interaction thesis – explains why the transition from socialism to the market economy in postwar West Germany was a success, why the transition to capitalism in Eastern Europe is still uncertain, and why the use of economic policies based on neoclassical economics have produced the rising strength of pro-socialist parties. The conclusion is that the interaction thesis is a powerful and perhaps necessary method for the analysis of institutional changes and their causes, directions and consequences. Cet article identifie l’état de droit, les supports des réformes institutionnelles, et les règles communautaires informelles qui y sont prévalent comme les trois facteurs explicatifs majeurs du succès ou de l’échec de la réforme institutionnelle dans un pays. Cet article démontre que l’analyse de l’interaction entre ces trois facteurs explicatifs – ce que j’appelle la thèse de l’interaction – explique, en premier lieu, le succès de la transition du socialisme vers l’économie de marché en Allemagne de l’Ouest de l’aprèsguerre, ensuite pourquoi la transition vers le capitalisme en Europe de l’Est demeure incertaine, et, enfin, pourquoi le recours à des politiques économiques fondées sur la science économique néoclassique a revigoré les partis politiques à orientation socialiste. La conclusion est que la thèse de l’interaction est une méthode féconde et peut-être nécessaire pour analyser les changements institutionnels ainsi que leurs causes, leurs directions et leurs conséquences.

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    Bibliographic Info

    Article provided by De Gruyter in its journal Journal des Economistes et des Etudes Humaines.

    Volume (Year): 11 (2001)
    Issue (Month): 1 ()
    Pages: 2

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    Handle: RePEc:bpj:jeehcn:v:11:y:2001:i:1:n:2

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    Web page: http://www.degruyter.com

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    Web: http://www.degruyter.com/view/j/jeeh

    Related research

    Keywords: Insitutions; Law; Transition;

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    Cited by:
    1. Zoran Stefanovic, 2005. "The Role of Institutions in the Process of Post-Socialist Transformation," Management, Information and Marketing Aspects of the Economic Development of the Balkan Countries, Department of Management and Informatics, University of National and World Economy, pages 138-145, November.

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