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The Pitfalls of Transition: Crowding Out the “National Virtues”

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Author Info
Miljkovic, Dragan

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Abstract

In this paper a view is advanced that explains why the transition to markets did not always lead to the outcomes predicted by the Washington Consensus type strategies. Institutional portfolio theory is used to define a myriad of interests and goals of a transition economy. A model is developed in which external intervention and increased external monitoring are shown to lead to lessening of the intrinsic motivation within transition economies to pursue the reforms as prescribed by Washington Consensus sometimes resulting in very slow growth rates or even a decline of the GDP.

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Publisher Info
Paper provided by European Association of Agricultural Economists in its series 104th Seminar, September 5-8, 2007, Budapest, Hungary with number 8520.

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Date of creation: 2007
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Handle: RePEc:ags:eaa104:8520

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Related research
Keywords: external monitoring; institutional change; intrinsic motivation; portfolio theory; Washington consensus; Institutional and Behavioral Economics; P21; O43;

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  1. Buchanan, James M, 1987. "The Constitution of Economic Policy," American Economic Review, American Economic Association, vol. 77(3), pages 243-50, June. [Downloadable!] (restricted)
  2. Miljkovic, Dragan, 2006. "Organizational portfolio theory and international not-for-profit organizations," The Journal of Socio-Economics, Elsevier, vol. 35(1), pages 142-150, February. [Downloadable!] (restricted)
  3. Dani Rodrik, 2006. "Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank's Economic Growth in the 1990s: Learning from a Decade of Reform," Journal of Economic Literature, American Economic Association, vol. 44(4), pages 973-987, December.
  4. Ernst Fehr & John A. List, 2004. "The Hidden Costs and Returns of Incentives - Trust and Trustworthiness among CEOs," Artefactual Field Experiments 0039, The Field Experiments Website. [Downloadable!]
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  5. Uri Gneezy & Aldo Rustichini, 2000. "Pay Enough Or Don'T Pay At All," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 791-810, August. [Downloadable!] (restricted)
  6. Author-Name: Jeffrey D. Sachs & John W. McArthur & Guido Schmidt-Traub & Margaret Kruk & Chandrika Bahadur & Michael Faye & Gordon McCord, 2004. "Ending Africa's Poverty Trap," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(2004-1), pages 117-240. [Downloadable!]
  7. L Donaldson, 2000. "Organizational Portfolio Theory: Performance-Driven Organizational Change," Contemporary Economic Policy, Western Economic Association International, vol. 18(4), pages 386-396, October. [Downloadable!] (restricted)
  8. Armin Falk & Michael Kosfeld, 2006. "The Hidden Costs of Control," American Economic Review, American Economic Association, vol. 96(5), pages 1611-1630, December. [Downloadable!]
    Other versions:
  9. Frey, Bruno S & Oberholzer-Gee, Felix & Eichenberger, Reiner, 1996. "The Old Lady Visits Your Backyard: A Tale of Morals and Markets," Journal of Political Economy, University of Chicago Press, vol. 104(6), pages 1297-1313, December. [Downloadable!] (restricted)
  10. Roland Benabou & Jean Tirole, 2003. "Intrinsic and Extrinsic Motivation," Review of Economic Studies, Blackwell Publishing, vol. 70(3), pages 489-520, 07. [Downloadable!] (restricted)
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