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Institutions and Transition

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Author Info

  • Peter Murrell

    ()
    (Department of Economics, University of Maryland)

Abstract

Prepared for The New Palgrave Dictionary of Economics, 2nd Edition, this essay examines the evolution of both institutions and economists' thinking on institutions during transition. Early in transition, institutions were virtually ignored in the majority of normative prescriptions, but were central in the evolutionary-institutional approach. Later, after events influenced intellectual developments, institutions were at the center of analysis. Growth is strongly related to institutional construction. Transition countries built institutions speedily but with marked variation across countries. Legal systems and independent governmental agencies were sources of institutional growth, while government bureaucracies and informal mechanisms detracted from institutional growth. In China, reforms addressed problems that institutions usually do, but in unusual ways.

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File URL: http://econweb.umd.edu/~murrell/articles.html
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Bibliographic Info

Paper provided by University of Maryland, Department of Economics in its series Electronic Working Papers with number 06-001.

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Length: 15 pages
Date of creation: Feb 2006
Date of revision:
Handle: RePEc:umd:umdeco:06-001

Contact details of provider:
Postal: Department of Economics, University of Maryland, Tydings Hall, College Park, MD 20742
Web page: http://www.econ.umd.edu/

Order Information:
Postal: Ms. Elizabeth Martinez, Department of Economics, University of Maryland, Tydings Hall, College Park, MD 20742
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Related research

Keywords: Institutions; transition; evolutionary-institutional; shock therapy; gradualism; China; law;

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Cited by:
  1. Akramov, Kamiljon T. & Omuraliev, Nurbek, 2009. "Institutional change, rural services, and agricultural performance in Kyrgyzstan:," IFPRI discussion papers 904, International Food Policy Research Institute (IFPRI).

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