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The Nature of Institutional Change in Transition

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  • Rasto Ovin

Abstract

Contemporary empirical evidence of transition in Central and East European countries proves the importance of institutional change, as was claimed by advocates of this field of transition. The article assesses institutional change in the first phases of transition from the perspective of competing strategies: rapid changes versus gradualism. After pointing to some inconsistencies in this debate, the article discusses the possibility and prospects for development of a market for institutions in European transition countries. The main criterion which is used is the requirement for the rule of law as one of the foundations of a market economy. It concludes that undeveloped endogenous factors of institutional change still do not enable development of markets for institutions. Reluctance of national governments to act according to a long-run perspective is at present to a certain extent compensated by the presence of external factors of institutional change.

Suggested Citation

  • Rasto Ovin, 2001. "The Nature of Institutional Change in Transition," Post-Communist Economies, Taylor & Francis Journals, vol. 13(2), pages 133-146.
    • Handle: RePEc:taf:pocoec:v:13:y:2001:i:2:p:133-146
    DOI: 10.1080/14631370120052636
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    References listed on IDEAS

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    1. Rutherford,Malcolm, 1994. "Institutions in Economics," Cambridge Books, Cambridge University Press, number 9780521451895.
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    5. Andrzej Rapaczynski, 1996. "The Roles of the State and the Market in Establishing Property Rights," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 87-103, Spring.
    6. North, Douglass C., 1971. "Institutional Change and Economic Growth," The Journal of Economic History, Cambridge University Press, vol. 31(1), pages 118-125, March.
    7. R. Schmalensee & R. Willig (ed.), 1989. "Handbook of Industrial Organization," Handbook of Industrial Organization, Elsevier, edition 1, volume 2, number 2.
    8. Rasto Ovin, 1998. "Why institutional change should be rapid — A transaction costs perspective," Post-Communist Economies, Taylor & Francis Journals, vol. 10(1), pages 63-79.
    9. R. Schmalensee & R. Willig (ed.), 1989. "Handbook of Industrial Organization," Handbook of Industrial Organization, Elsevier, edition 1, volume 1, number 1.
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    Cited by:

    1. Yelena Kalyuzhnova & Michael Kaser, 2006. "Prudential Management of Hydrocarbon Revenues in Resource-rich Transition Economies," Post-Communist Economies, Taylor & Francis Journals, vol. 18(2), pages 167-187.

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