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Development of market economy is an evolutionary process
Univeristy of Niš, Faculty of Economy
Keywords: transition; neoclassical economics; institutions; path dependency
Abstract
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.
References
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article language: English
document type: unclassified
published in SCIndeks: 02/06/2007