engleski

Institutional approach to the state-market relationship in the postsocialist countries (some general observations)

The institutional framework is the one of the most important factors of modern economic growth and a guarantee of social and economic stability. Taking into account a fact that postsocialist countries in transition are moving from a socialist planning system to a market-oriented system, institutional reform appears to be one of the most difficult, complex and the longest phase of the transition process. The basic question refers thus to the manner in which foundation of institutional system as an appropriate base of a successful market economy has to be carried out and to the choice of the existing models of efficient market economies to be used or even adopted. Inadequate theoretical approach and/or institutional model inevitable result in the transitional depression. Understanding the transition process far more widely than pure economic reform, the authors analyze this process from the standpoint of the theory of development. It has been assumed that the basic objective of transition is not the market development and privatization per se. On the contrary, it is considered to be just the first phase in an overall development process. Therefore, having defined market and state as a part of institutional set-up and having investigated several models of successful small market economies, the authors critisize neoliberal approach to the development and advocate an alternative development (institutionalist) path for the postsocialist countries in transition. It reconciles the roles of the state and the market. State has to be active in all parts of economic policy, defining strategic development objectives and strategies. It has to take care of social issues and therefore ensure social consensus. As fas as economy is concerned, a cooperation within private sector as well as between private and public sector and the state must be provided.

institutional system; state-market relationship; transition; development

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