engleski

The institutional nature of modern development and the process of transition : an alternative approach

The process of transition does not only imply the establishment of a market economy but also the creation of a successful economy taking into account the institutional nature, regularities and origins of modern development. The authors argue that the institutional gap is one of the most important problems the countries in transition face with. The paper presents theoretical approaches to the notion and role of institutions. Moreover, based on the empirical evidence, the authors suggest an alternative approach to the development of countries in transition.

development; institutional reform; transition

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