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The Post-Socialist Transition Through The Prism Of O. Williamson'S Insight

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  • Milica Delibasic

Abstract

The choice and combination of various forms and mechanisms of economy regulation is the most important, the most complex and the most controversial issue in the post-socialist countries. It results from the problems of wider social regulation (political, institutional, social, moral, cultural, etc.) i.e. from development level of the social capital. Apart from developed countries, dominated by institutional pluralism, many post-socialist countries have opted for neoliberal economic policy, which by definition prefers institutional monism. Therefore, from this aspect, it is interesting to phenomenologically analyze the post-socialist transition seen through the prism of certain arguments of Nobel laureate, O. Williamson. Ignoring the practical differences of the post-socialist neoliberalism (as a quasi-institicional monism) from theoretical neoliberal monistic model, this paper put forward the hypothesis that theoretical understanding of Nobel laureate O. Williamson is on the background of

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  • Milica Delibasic, 2014. "The Post-Socialist Transition Through The Prism Of O. Williamson'S Insight," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 10(1), pages 13-24.
  • Handle: RePEc:mje:mjejnl:v:10:y:2014:i:1:p:13-24
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    1. Nabli, Mustapha K. & Nugent, Jeffrey B., 1989. "The New Institutional Economics and its applicability to development," World Development, Elsevier, vol. 17(9), pages 1333-1347, September.
    2. Williamson, Oliver E, 1979. "Transaction-Cost Economics: The Governance of Contractural Relations," Journal of Law and Economics, University of Chicago Press, vol. 22(2), pages 233-261, October.
    3. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
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