The Two Transitions in Central and Eastern Europe as Processes of Institutional Transplantation

In the euphoria of the early 1990s the former socialist countries of Central Europe (CE) and Eastern Europe (EE) were generally expected to quickly turn into democracies with market economies. The experience of the last 15 years, however, has shown that only some of them have done so. As the interpl...

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Bibliographic Details
Published in:Journal of economic issues 2006-12, Vol.40 (4), p.895-918
Main Authors: Zweynert, Joachim, Goldschmidt, Nils
Format: Article
Language:English
Subjects:
Capitalism
Countries
Economic aspects
Economic conditions
Economic reform
Economic theory
Economic transitions
Forecasts and trends
Legacies
Market economies
Path dependence
Political aspects
Political theory
Russian culture
Social interaction
Socialism
Structural adjustment (Economic policy)
Studies
Transition economies
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Summary:In the euphoria of the early 1990s the former socialist countries of Central Europe (CE) and Eastern Europe (EE) were generally expected to quickly turn into democracies with market economies. The experience of the last 15 years, however, has shown that only some of them have done so. As the interplay between formal and informal institutions is at the heart of the paradigm of institutional transplantation, the starting point of this analysis is that history matters. In regard to transition, it is usually overlooked that in the course of the twentieth century the countries of CE and EE have gone through two transitions of their political and economic orders. The next few years will provide new insights into the relationship between path dependent (endogenous) and politically induced (external) institutional change.
ISSN:0021-3624
1946-326X
DOI:10.1080/00213624.2006.11506966