• citations in SCIndeks: 0
  • citations in CrossRef:0
  • citations in Google Scholar:[]
  • visits in previous 30 days:0
  • full-text downloads in 30 days:0


article: 7 from 9  
Back back to result list
Development of market economy is an evolutionary process
Univeristy of Niš, Faculty of Economy
Keywords: transition; neoclassical economics; institutions; path dependency
The main objective of the post socialist countries is to develop a functioning market economy, which is to be achieved by establishing a complex set of market norms of behavior. There have been various successes among transition countries in adopting this strategy. Newly introduced rules of behavior induce the transformation of inherited institutional structure of these countries. It is indicated in the paper that the transformation of existing institutional matrices is a gradual, evolutionary process especially in less successful transition countries. The rapidity of the institutional transition is the main determinant of the effectiveness of market-oriented reforms.
Drašković, V. (2003) Značaj institucionalizacije i njena ograničenja u periodu postsocijalističke tranzicije. Ekonomska misao, vol. 36, br. 1-2, str. 143-151
Ellman, M. (1997) The political economy of transformation. Oxford Review of Economic Policy, vol.l3, br. 2
Hodgson, G.M. (1988) Economics and institutions: A manifesto for a modern institutional economics. Cambridge, itd: Polity Press
Ibrahim, G., Gait, V. (2002) Bye-Bye central planning, hello market hiccups: Institutional transition in Romania. Cambridge Journal of Economics, 26
Kornai, J. (1995) Highway and byways: Studies on reform and post-Communist transition. Cambridge, MA, itd: Massachusetts Institute of Technology Press / MIT Press
Kornai, J. (1999) Reforming the welfare state in postsocialist economies. in: Brown Annete [ed.] When is Transition Over, Kalamazoo, Mich: Upjohn Institute for Employment Research
Lichtenstein, P. (1996) A new-institutionalist story about the transformation of former socialist economies: A recounting and an assessment. Journal of Economic Issues, vol. 30, br. 1
Mcmillan, J., Woodruff, C. (2002) The central role of entrepreneurs in transition economies. Journal of Economic Perspectives, vol. 16, br. 3
Neale, W. (1994) Institutions. in: Hodgson Geoffrey, Samuels Warren, Tool Marc [ed.] The Elgar companion to institutional and evolutionary economics, Aldershot: Edward Elgar Publishing
North, D.C. (1990) Institutions, institutional change and economic performance. Cambridge, itd: Cambridge University Press / CUP
North, D.C. (1991) Institutions. J Econ Perspect, vol. 5, br. 1, str. 45-57, 97
North, D.C. (1994) Economic performanse through time. American Economic Review, vol. 84, br. 3, str. 74-83
Ovin, R. (1998) Why institutional change should be rapid: A transaction cost perspective. Communist Economies and Economic Transformation, vol. 10, No. 1
Parto, S. (2005) Economic activity and institutions: Taking stock. Journal of Economic Perspectives, vol. 39, br. 1
Pejović, S. (2001) After socialism: Where hope for individual liberty lies. Journal des Economistes et des Etudes Humaines, vol. 11, br. 1
Roland, G. (2002) The political economy of transition. J Econ Perspect, vol. 16., No. 1
Rose-Ackerman, S. (2001) Trust, honesty and corruption: Theories and survey evidence from post-socialist societies toward a research agenda for a project of the Collegium Budapest. Ekonomski anali, vol. 44, br. 149-150, str. 5-86
Sekulović, M.S. (1997) Uloga države u procesima tranzicije. Ekonomske teme, vol. 35, br. 2, str. 13-22
Stiglitz, J.E. (1998) More instruments and broader goals: Moving toward the post-Washington consensus. in: WIDER Annual Lecture WIDEW/UNU, Washington, Jan.7, Helsinki
Svejnar, J. (2002) Transition economies: Performance and challenges. Journal of Economic Perspectives, vol. 16, br. 1, str. 3-28
World Bank (2002) Transition: The first ten years. Washington: World Bank


article language: English
document type: unclassified
published in SCIndeks: 02/06/2007