Socio-economic causes of the long-term repeat of the crisis in the countries of Southeast Europe

The paper critically analyses the basic socio-economic causes of the long-term crisis in the countries of Southeast Europe (SEE). The aim of the paper is to focus on three basic manifestations of post-socialist deviations, which are predominantly related to usurpation and abuses of nomenclatures of...

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Bibliographic Details
Published in:Economics & sociology 2022, Vol.15 (1), p.241-252
Main Author: Delibasic, Milica
Format: Article
Language:English
Subjects:
Budget deficits
Comparative analysis
Crises
Description
Economic conditions
Economic growth
Economic theory
Employment
Entrepreneurship
Inflation
Long term
Monetary policy
Neoliberalism
Postcommunist societies
Prices
Recessions
Recipes
Socialism
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Summary:The paper critically analyses the basic socio-economic causes of the long-term crisis in the countries of Southeast Europe (SEE). The aim of the paper is to focus on three basic manifestations of post-socialist deviations, which are predominantly related to usurpation and abuses of nomenclatures of power: inherited opportunistic behaviour, quasi-neoliberal experiment, and alternative institutions. Their three-pronged influence causes the crisis, as we have suggested for the initial hypothesis of the study. The paper uses methods of abstraction, description, and analysis (political-economic, institutional, and comparative analysis). The main conclusion is that the phenomena under study were based on underdeveloped quasi-institutional monism. They developed to a great extent and managed to pervade all or almost all social subsystems through the cause-and-effect relationship: social losses - enrichment - impoverishment. The consequences are severe, devastating, and clear. Viewed through this prism, it is clear that the root causes of the crisis can be reduced to the non-existence and/or insufficiency of institutions.
ISSN:2071-789X
2306-3459
DOI:10.14254/2071-789X.2022/15-1/15