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| Author: | Smyth, R. |
| Title: | New institutional economics in the post-socialist transformation debate. |
| Journal: | Journal of Economic Surveys
1998 : SEP, VOL. 12:4, p. 361-398 |
| Index terms: | INSTITUTIONAL ECONOMICS TRANSITION ECONOMIES CLOSED ECONOMY OPEN ECONOMY |
| Language: | eng |
| Abstract: | The author suggests that there is a tension between the basis tenant of New Institutional Economics (NIE) and the manner in which it has been applied in the debate on post-socialist transformation. The tension is explored in the context of four main perspectives on NIE: property rights, transaction costs economics, new economic history, and evolutionary economics. There are two main arguments. The first is that the transformation phase should be seen as 'open-ended' rather than a 'closed process', where the 'pure market' is the inevitable end result. The second is that, although the NIE literature touches on most of the issues which are relevant to post-socialist transformation, the insights that it offers are still too general for policy guidance. |
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