Institutions In Transition

Authored by: Paul Hare

Handbook of the Economics and Political Economy of Transition

Print publication date:  April  2013
Online publication date:  May  2013

Print ISBN: 9780415591126
eBook ISBN: 9780203067901
Adobe ISBN: 9781135080877


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In the early years of transition – after 1989 for Central and Eastern Europe (CEE), after 1991 for the former Soviet Union – reformers in the new governments, as well as their external advisors, commonly advocated a ‘standard reform package’ that consisted of the following elements: (a) macroeconomic stabilization; (b) price and trade liberalization; (c) privatization and enterprise restructuring; and (d) institutional reforms. In this contribution I shall focus entirely on the last element of the package, institutions. It has always seemed to me that the institutional aspect of reform programmes aiming to build well-functioning market-type economies from the ruins of central planning was both very important and difficult to get right.

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