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Dependent Capitalism in Central and Eastern Europe

In: Diversity of Capitalism in Central and Eastern Europe

Author

Listed:
  • Eric Magnin

    (University Paris Cité)

  • Nikolay Nenovsky

    (University of Picardie Jules Verne
    State University HSE and Department of Political Economy, RUDN)

Abstract

The purpose of this chapter is to show how initial conditions in 1989–1990, the legacy of the former socialist system, and both processes of transition and integration into the EU, marked by exceptional institutional reforms, have led to the emergence of a model of dependent capitalism in Central and Eastern Europe in the 2000s. While this model is unique at a certain level of abstraction, it nevertheless presents differentiated variants associated with the forms of dependencies that characterize it. The 2008 economic and financial crisis highlighted the fragilities of dependent capitalism and of its institutional variations. The post-socialist capitalism has nevertheless retained its main institutional features after the crisis, in particular its dependence on foreign direct investment. However, in recent years, some countries seem to be reconsidering this model and giving a more important role to the national State.

Suggested Citation

  • Eric Magnin & Nikolay Nenovsky, 2022. "Dependent Capitalism in Central and Eastern Europe," Springer Books, in: Diversity of Capitalism in Central and Eastern Europe, chapter 0, pages 85-107, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-04950-7_5
    DOI: 10.1007/978-3-031-04950-7_5
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