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Rethinking the interaction between FDI and competitiveness in West Balkans: an institutionalist approach

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  • Konstantinos Hazakis

Abstract

Since the beginning of the revolutionary changes that have occurred in transition economies, it has been difficult to propose a uniform model of economic competitiveness. The paper aims to address this ambiguity from an Institutionalist point of view. While neoclassical theory perceives actors as facing rational economic choices, institutional theory considers actors at any time, bound by the range of routines and norms they have mastered. Three questions are addressed: How Foreign Direct Investment (FDI) is associated with competitiveness? What is holding up the process of strengthening competitiveness in West Balkans? What corrections in approach would be warranted? It is argued that West Balkans economies are characterised by high uncertainty, influencing individuals' capacity to maximise capital investment.

Suggested Citation

  • Konstantinos Hazakis, 2011. "Rethinking the interaction between FDI and competitiveness in West Balkans: an institutionalist approach," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 4(2), pages 177-196.
    • Handle: RePEc:ids:ijepee:v:4:y:2011:i:2:p:177-196
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    Cited by:

    1. Konstantinos J. Hazakis, 2014. "The rationale of special economic zones (SEZs): An Institutional approach," Regional Science Policy & Practice, Wiley Blackwell, vol. 6(1), pages 85-101, March.
    2. Sklias, Pantelis & Tsampra, Maria, 2012. "Towards an analytical framework of regional integration in Western Balkans," MPRA Paper 36504, University Library of Munich, Germany.
    3. Pantelis Sklias, 2011. "The political economy of regional integration in the Western Balkans," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 4(3), pages 21-37, December.

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