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Copyright © Cambridge Political Economy Society

article-commentary

The institutional hiatus in economies in transition and its policy consequences

Richard Kozul-Wright and Paul Rayment

Economic Affairs officer, UNCTAD Geneva
Senior Economic Affairs officer, ECE Geneva

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.

Manuscript received August 10, 1995; final version received October 2, 1996.


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This article has been cited by other articles:


Home page
 International Small Business JournalHome page
T. S. Manolova and A. Yan
Institutional Constraints and Entrepreneurial Responses in a Transforming Economy: The Case of Bulgaria
International Small Business Journal, May 1, 2002; 20(2): 163 - 184.
[Abstract] [PDF]


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