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Bye-bye central planning, hello market hiccups: institutional transition in Romania

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  • Gamal Ibrahim

Abstract

Romania is considered as having had two transition periods--a gradual transitional phase from 1990 to 1996 followed by shock therapy since 1997. The key to the transition from a planned economy to a market economy is the institutions that are established to enable the market to operate. While this is acknowledged, after ten years of transition in Romania what has not been fully addressed is the appropriateness of the forms of institutions that have been suggested for adoption and whether they constitute the right mix. Our contention is that both phases of the transition process have largely been guided by the prescriptions arising from a 'new' institutionalist perspective and that a more effective transition would have occurred if more attention had been paid to the evolutionary nature of the institutions established along the lines advocated by 'old' (American) institutionalists. Copyright 2002, Oxford University Press.

Suggested Citation

  • Gamal Ibrahim, 2002. "Bye-bye central planning, hello market hiccups: institutional transition in Romania," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(1), pages 105-118, January.
    • Handle: RePEc:oup:cambje:v:26:y:2002:i:1:p:105-118
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    Cited by:

    1. Nir Kshetri, 2009. "Entrepreneurship in post-socialist economies: A typology and institutional contexts for market entrepreneurship," Journal of International Entrepreneurship, Springer, vol. 7(3), pages 236-259, September.
    2. Gatzweiler, Franz W., 2003. "Patterns of Institutional Change for Sustainability in Central and Eastern European Agriculture," Discussion Papers 18889, CEESA: Central and Eastern European Sustainable Agriculture International Research Project.
    3. Andrieş, Alin Marius & Plopeanu, Aurelian-Petruş & Sprincean, Nicu, 2023. "Institutional determinants of households’ financial investment behaviour across European countries," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 300-325.
    4. Motoc Adrian, 2020. "Romanian family business branding: contextual factors of influence of decisional processes," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 14(1), pages 607-616, July.
    5. 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.
    6. Young Patricia T, 2010. "Captured by Business? Romanian Market Governance and the New Economic Elite," Business and Politics, De Gruyter, vol. 12(1), pages 1-40, April.
    7. Tudor Mugurel AURSULESEI & Liviu-George MAHA, 2019. "Price Stability - A Main Objective Of European Monetary Policy," EURINT, Centre for European Studies, Alexandru Ioan Cuza University, vol. 6, pages 55-74.
    8. Gatzweiler, Franz W. & Hagedorn, Konrad & Zellei, Anett & Lowe, Philip & Sumelius, John & Backman, Stefan & Tanic, Stjepan, 2003. "Volume 4: Synopsis of the Central and Eastern European Sustainable Agriculture Project (CEESA)," CEESA\FAO Series 18901, CEESA: Central and Eastern European Sustainable Agriculture International Research Project.
    9. Nir Kshetri & Ralf Bebenroth, 2012. "Japan's Orientation towards Foreign Investments: Inertia Effects and Driving Force of Institutional Changes," Discussion Paper Series DP2012-12, Research Institute for Economics & Business Administration, Kobe University.
    10. Satoshi Mizobata & Norio Horie, 2019. "Path-Dependency of Economic Transition: An Analytical Review," KIER Working Papers 1014, Kyoto University, Institute of Economic Research.
    11. Petrik Runst, 2014. "Popular Attitudes Toward Market Economic Principles and Institutional Reform in Transition Economies," Review of Social Economy, Taylor & Francis Journals, vol. 72(1), pages 83-115, March.

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