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Transition in Serbia: Foundations, results and perspectives

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  • Bukvić, Rajko

Abstract

Paper considers the foundations, results and perspectives of transition process in Serbia. The foundations were the postulates of neoclassical economics, the mainstream in recent economic thought. They determined the goal, the methodology, and the ideological basis of this process, and resulted especially in Washington Consensus. The results of the reforms, based on Consensus, showed, with some exceptions, that Serbia, as the other former socialist countries, realized deep and long-term economic fall, followed by similar processes in other spheras. Contrary to ordinary opinions that transition crisis show as result of inconsistency in reforms taking, the paper argues that this is normally its result. As an analogue is the Morgenthau’s plan for West Germany observed, that has promoted Germany to industrial disarmament, and that would lead to its poverty and its transformation into raw material basis for the developed economies, and to impossibility of survival of the existing number of population. Fortunately for the Germany, Morgenthau’s plan was abandoned and Marshall’s plan was introduced. It leads to industrial renewal of Germany. For the transition countries it is also necessary, considering the practice and basic principles of the Other Canon, which have they, origins as far as from the economic policy of Henry VII, to access re-industrialization in the same way, which is the necessity for renewal of economies, and for overcoming the long-term crisis.

Suggested Citation

  • Bukvić, Rajko, 2013. "Transition in Serbia: Foundations, results and perspectives," MPRA Paper 70166, University Library of Munich, Germany, revised 08 Nov 2013.
  • Handle: RePEc:pra:mprapa:70166
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    References listed on IDEAS

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    1. Marangos, John, 2009. "What happened to the Washington Consensus? The evolution of international development policy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(1), pages 197-208, January.
    2. Erik S. Reinert, 1999. "The role of the state in economic growth," Journal of Economic Studies, Emerald Group Publishing, vol. 26(4/5), pages 268-326, September.
    3. John Marangos, 2002. "A Political Economy Approach to the Neoclassical Model of Transition," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(1), pages 259-276, January.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Washington Consensus; Other Canon; Industrialization; Morgenthau’s Plan; Marshall’s Plan;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
    • P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
    • P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

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