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Serbia'S Transition To Market Economy: Why Has The Model Not Delivered?

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  • Milica Uvalic

Abstract

The paper discusses the transition to a market economy in Serbia, a country that until the early 2000s was one of the principal laggards in the transition region. The paper tries to explain why Serbia, which had a relatively good starting position in 1989, has encountered substantial delays in carrying forward the main objectives of the transition to a market economy. Despite political stabilization and many positive economic achievements, the post-2001 transition strategy has not delivered the expected results. The strategy was based on the hyper-liberal model which placed emphasis on liberalization, stabilization and privatization, in line with the recommendations of the "Washington consensus", neglecting many other important areas of reform. With the new post-2000 turn towards the market mechanism, the essential role of the state and of state institutions was underestimated, which contributed to various long-run failures.

Suggested Citation

  • Milica Uvalic, 2012. "Serbia'S Transition To Market Economy: Why Has The Model Not Delivered?," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(2), pages 87-98.
    • Handle: RePEc:mje:mjejnl:v:8:y:2012:i:2:p:87-98
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    1. William S. Sessions, 1990. "Washington," Challenge, Taylor & Francis Journals, vol. 33(4), pages 57-59, July.
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    Cited by:

    1. Ichiro Iwasaki & Taku Suzuki, 2016. "Radicalism Versus Gradualism: An Analytical Survey Of The Transition Strategy Debate," Journal of Economic Surveys, Wiley Blackwell, vol. 30(4), pages 807-834, September.

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