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Institutions and Transition

Author

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  • Peter Murrell

    () (Department of Economics, University of Maryland)

Abstract

Prepared for The New Palgrave Dictionary of Economics, 2nd Edition, this essay examines the evolution of both institutions and economists' thinking on institutions during transition. Early in transition, institutions were virtually ignored in the majority of normative prescriptions, but were central in the evolutionary-institutional approach. Later, after events influenced intellectual developments, institutions were at the center of analysis. Growth is strongly related to institutional construction. Transition countries built institutions speedily but with marked variation across countries. Legal systems and independent governmental agencies were sources of institutional growth, while government bureaucracies and informal mechanisms detracted from institutional growth. In China, reforms addressed problems that institutions usually do, but in unusual ways.

Suggested Citation

  • Peter Murrell, 2006. "Institutions and Transition," Electronic Working Papers 06-001, University of Maryland, Department of Economics.
  • Handle: RePEc:umd:umdeco:06-001
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    Cited by:

    1. Akramov, Kamiljon T. & Omuraliev, Nurbek, 2009. "Institutional change, rural services, and agricultural performance in Kyrgyzstan:," IFPRI discussion papers 904, International Food Policy Research Institute (IFPRI).

    More about this item

    Keywords

    Institutions; transition; evolutionary-institutional; shock therapy; gradualism; China; law;

    JEL classification:

    • P2 - Economic Systems - - Socialist Systems and Transition Economies
    • P3 - Economic Systems - - Socialist Institutions and Their Transitions
    • N4 - Economic History - - Government, War, Law, International Relations, and Regulation
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • K0 - Law and Economics - - General

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