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Market Economies of the Western Balkans Compared to the Central and Eastern European Model of Capitalism

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  • Beata Farkas

    (The Institute of Finance and International Economic Relations, University of Szeged, Hungary)

Abstract

Using the Central and Eastern European model of capitalism, this paper compares the market economies of the Western Balkan countries to the post-socialist European Union member states. It analyzes the main institutional areas of a socio-economic system such as product markets, innovation system, financial system, labor market and industrial relations, social protection and the educational system. The comparison of institutional systems does not provide an unambiguous answer to the question of whether the Western Balkan market economies fit into the model. There are many similarities between the institutional arrangements of the two regions, and the differences seem to be a consequence of delayed reforms rather than of an alternative model. However, the question of whether the current differences will be institutionalized or whether they will create a new normality—a new, distinct model of capitalism—remains open.

Suggested Citation

  • Beata Farkas, 2017. "Market Economies of the Western Balkans Compared to the Central and Eastern European Model of Capitalism," Croatian Economic Survey, The Institute of Economics, Zagreb, vol. 19(1), pages 5-36, June.
    • Handle: RePEc:iez:survey:ces-v19_1-2017_farkas
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    References listed on IDEAS

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    Cited by:

    1. Eva Padrosa & Mireia Bolíbar & Mireia Julià & Joan Benach, 2021. "Comparing Precarious Employment Across Countries: Measurement Invariance of the Employment Precariousness Scale for Europe (EPRES-E)," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 154(3), pages 893-915, April.
    2. Vitezić Vanja & Srhoj Stjepan & Perić Marko, 2018. "Investigating Industry Dynamics in a Recessionary Transition Economy," South East European Journal of Economics and Business, Sciendo, vol. 13(1), pages 43-67, June.
    3. Anna Kowalska & Jaroslav Kovarnik & Eva Hamplova & Pavel Prazak, 2018. "The Selected Topics for Comparison in Visegrad Four Countries," Economies, MDPI, vol. 6(3), pages 1-15, September.
    4. Zoran Najdanovic & Marijana Ziravac Mladenovic & Natalia Tutek, 2019. "Competitiveness of Business Environment of the Western Balkan Countries," MIC 2019: Managing Geostrategic Issues; Proceedings of the Joint International Conference, Opatija, Croatia, 29 May–1 June 2019,, University of Primorska Press.

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    More about this item

    Keywords

    Central and Eastern European model of capitalism; economic transformation; Western Balkans; institutional comparison;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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