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The Pivotal Role of Services in Transitional Economies: Lessons from the West

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  • Kolleen Rask

    ()
    (Department of Economics, College of the Holy Cross)

  • Kevin Rask

    (Department of Economics, Colgate University)

Abstract

A critical lesson to be learned from developed market economies is that strategic services are at the core of an efficiently operating market system. Paradoxically, in transitional economies striving to create a private market structure, services tend to be the least developed, least appreciated, and unbalanced sector. This condition derives from the heritage of socialist countries which is largely one of supplanting these essential services functions with a command structure in which development of independent service industries lags that of manufacturing and agriculture. Improving our understanding of the significance, composition, and evolution of service industries in the development process of market economies is an important contribution to the current economic transition process. This extensive experience serves to illustrate not only the pivotal role of services in facilitating growth and development, but also the dynamic and flexible public policy toward services. Western service development, therefore, is used as a basis for projecting current and future needs of service industries in transitional economies. There is strong evidence that without efficient service industries, other sectors of the economy stagnate, a situation which must be strenuously avoided in the fragile political environment of most transitional economies.

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Bibliographic Info

Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 9405.

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Date of creation: Sep 1994
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Handle: RePEc:hcx:wpaper:9405

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Keywords: transition economies; services;

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Cited by:
  1. Barran, Fernando & Kegels, Chantal, 1996. "Channels of Monetary Policy in a Transition Country: Hungary," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1996016, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. David Chu & Kolleen Rask, 2000. "The Transformation of China’s Health Care System and Accounting Methods: Current Reforms and Developments," Working Papers 0003, College of the Holy Cross, Department of Economics.
  3. Ilona Kovacs, 1999. "Business services in Hungary during the transition," IEHAS Discussion Papers 9904, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  4. Desislava Kolarova, 2006. "Microeconomic Aspects in Business Services’ Development: the Case of Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 90-119.
  5. János Gács, 2003. "Transition, EU Accession and Structural Convergence," Empirica, Springer, vol. 30(3), pages 271-303, September.

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