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The Institutional Hiatus in Economies in Transition and Its Policy Consequences

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  • Kozul-Wright, Richard
  • Rayment, Paul

Abstract

The collapse of Communism created an 'institutional hiatus' in the economies of eastern Europe and the Soviet Union because the old political and economic institutions were destroyed more rapidly than they could be replaced by those of a market economy. The importance and complexity of institution-building has been played down in the mainstream 'economists' consensus' which has presented a highly restricted set of policy options as the only route to a vibrant market economy. This paper argues that entrepreneurship provides a missing conceptual link between enterprise reform and the creation of market institutions. A number of measures for closing the institutional hiatus in transition economies are considered. Copyright 1997 by Oxford University Press.

Suggested Citation

  • Kozul-Wright, Richard & Rayment, Paul, 1997. "The Institutional Hiatus in Economies in Transition and Its Policy Consequences," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 21(5), pages 641-661, September.
    • Handle: RePEc:oup:cambje:v:21:y:1997:i:5:p:641-61
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    Cited by:

    1. Philippe Dulbecco & Marie-Françoise Renard, 2003. "Permanency and Flexibility of Institutions: The Role of Decentralization in Chinese Economic Reforms," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(4), pages 327-346, December.
    2. Ali Hussein Samadi, 2019. "Institutions and entrepreneurship: unidirectional or bidirectional causality?," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 9(1), pages 1-16, December.
    3. Pradhan, Rudra P. & Arvin, Mak B. & Nair, Mahendhiran S. & Bennett, Sara E., 2023. "Does foreign aid affect innovation and institutional quality in middle-income countries?," Evaluation and Program Planning, Elsevier, vol. 100(C).
    4. Richard Kozul-Wright & Paul Rayment, 2004. "Globalization Reloaded: An Unctad Perspective," UNCTAD Discussion Papers 167, United Nations Conference on Trade and Development.
    5. Dimitar Dimitrov & Rumen Dobrinsky & Nasko Dochev & Rumyana Kolarova & Nikolay Markov & Boyko Nikolov, 2004. "Understanding Reform: A Country Study for Bulgaria," wiiw Balkan Observatory Working Papers 56, The Vienna Institute for International Economic Studies, wiiw.
    6. Dimiter Philipov, 2002. "Fertility in times of discontinuous societal change: the case of Central and Eastern Europe," MPIDR Working Papers WP-2002-024, Max Planck Institute for Demographic Research, Rostock, Germany.
    7. Geoffrey M. Hodgson, 2006. "Institutions, Recessions and Recovery in the Transitional Economies," Journal of Economic Issues, Taylor & Francis Journals, vol. 40(4), pages 875-894, December.

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