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Institutions, Institutional Systems and Their Dynamics

In: The Palgrave Handbook of Comparative Economics

Author

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  • Leszek Balcerowicz

    (Warsaw School of Economics)

Abstract

This chapter starts with clarifying the basic concept: institutions, institutional systems and policies (Sect. 2). Section 3 compares the dynamics of a highly centralized system with highly decentralized one. Section 4 discusses four basic dimensions of institutional systems: mechanism of succession, civil rights, rule of law and economic rights. Based on that I sketch five main types of institutional regimes: socialism, quasi-socialism, liberal capitalism, quasi-liberal capitalism and crony capitalism. Section 5 discusses two major institutional transformations in the twentieth century: toward socialism and away from it. Section 6 presents an analytical scheme for discussing the determinants of liberal and statist economic transition in democracy. Section 7 focuses on the recent authoritarian transition after a free election.

Suggested Citation

  • Leszek Balcerowicz, 2021. "Institutions, Institutional Systems and Their Dynamics," Springer Books, in: Elodie Douarin & Oleh Havrylyshyn (ed.), The Palgrave Handbook of Comparative Economics, edition 1, chapter 4, pages 67-90, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-50888-3_4
    DOI: 10.1007/978-3-030-50888-3_4
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