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The Dynamics of the Institutional Change and the Market Economy: An Austrian Analysis

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  • Philippe DULBECCO

    () (Centre d'Etudes et de Recherches sur le Développement International(CERDI))

Abstract

The aim of this contribution is to exhibit the operational nature of the Austrian analyses of institutions, particularly those of Lachmann (1994; 1986; 1978; 1977; 1976; 1970). The first section briefly discuss the main features of the Austrian analysis of the market process with the aim of highlighting the necessary irruption of the institutional component. The second section aims at exhibiting the particularities of the Lachmannian analysis of institutional change. The third section proposes to make use of the Lachmannian analytical framework in order to interpret the contemporary transformations of the market economies. I particularly show the great benefit of such a framework in order to, on one side, offer some explanations of the recent financial crisis faced by the emerging economies, and on the other side, to understand the specificity as well as the coherence of the Chinese economic transition.

Suggested Citation

  • Philippe DULBECCO, 2000. "The Dynamics of the Institutional Change and the Market Economy: An Austrian Analysis," Working Papers 200010, CERDI.
  • Handle: RePEc:cdi:wpaper:139
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    References listed on IDEAS

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    1. Yuanzheng Cao & Yingyi Qian & Barry R. Weingast, 1999. "From federalism, Chinese style to privatization, Chinese style," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(1), pages 103-131, March.
    2. J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
    3. Philippe DULBECCO & Jean-Pierre ALLEGRET & COURBIS, 1999. "Financial Liberalisation and Stability of the Financial System in Emerging Markets: the institutional dimension of financial crises," Working Papers 199918, CERDI.
    4. Naughton, Barry, 1994. "Chinese Institutional Innovation and Privatization from Below," American Economic Review, American Economic Association, vol. 84(2), pages 266-270, May.
    5. Hellwig, Martin, 1989. "Asymmetric information, financial markets, and financial institutions Where are we currently going?," European Economic Review, Elsevier, vol. 33(2-3), pages 277-285, March.
    6. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, vol. 84(3), pages 359-368, June.
    7. Chang, Ha-Joon & Park, Hong-Jae & Yoo, Chul Gyue, 1998. "Interpreting the Korean Crisis: Financial Liberalisation, Industrial Policy and Corporate Governance," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 735-746, November.
    8. Stavros Ioannides, 1992. "The Market, Competition And Democracy," Books, Edward Elgar Publishing, number 240.
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