Institutions, Human Development and Economic Growth in Transition Economies

Institutions, Human Development and Economic Growth in Transition Economies by Pasquale Tridico University Roma Tre ma cm Contents List of Tables ...
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Institutions, Human Development and Economic Growth in Transition Economies by

Pasquale Tridico University Roma Tre

ma cm

Contents List of Tables

xi

List of Figures and Maps

xiv

Acknowledgements

xvi

Introduction Appendix A: The Countries

1 22

Part I Transformation, Decline and Unstable Growth 1 Transition to Market: A Long and Undefined Journey 1.1 Introduction 1.2 The background of transition: from the oil crises until the fall of the Berlin Wall 1.3 Transformation therapies and growth strategies 1.4 From the Washington Consensus to the Augmented Washington Consensus 1.5 A closer comparison between Eastern and Western Europe 1.6 Initial conditions and finishing points: are there any obstacles? 1.7 Searching for an appropriate transformation therapy 1.8 Institutional change, the learning process and the heritage of planning 1.9 Final comments

29 29

Appendix Al

70

2 The Great Transformation: Recession, Recovery and EU Conditionality 2.1 Introduction 2.2 Economic slump and uneven resurgence 2.3 The labour market and the explosion of unemployment

30 35 39 41 47 57 61 69

74 74 74 82

viii

Contents

2.4 The impact of EU enlargement on the transition of the CEECs 2.5 FDI and international organisation constraints 2.6 The transformation of the trade pattern 2.7 Final comments Appendix A2

90 97 101 104 106

Part II Institutional Change and Varieties of Capitalism in Transition Economies 3 Institutional Change: Old and New Institutionalism 3.1 Introduction 3.2 Institutions and institutional change 3.3 Models of institutional change 3.4 Old institutional economics 3.5 New institutional economics 3.6 Institutions and economic development 3.7 Transaction costs and collective action in the model of institutional change 3.8 Final comments 4 A Model of Institutional Change in Transition Economies 4.1 Introduction 4.2 Interaction and inconsistency between formal and informal institutions: the dichotomy thesis 4.3 The dynamics of institutional change in transition economies 4.4 Transition economies: a sui generis evolutionary model 4.5 The stages of the processes in transition economies 4.6 An interpretation of institutional change in transition economies 4.7 Final comments 5 Varieties of Capitalism and Socio-Economic Models in Transition Economies 5.1 Introduction 5.2 The transformation towards market institutions: EBRD indicators 5.3 Varieties of capitalism and growth in transition economies

117 117 117 120 122 126 130 131 134 136 136 136 143 146 148 151 154 156 156 156 160

Contents ix

5.4 Varieties of capitalism and socio-economic development 5.5 Final comments Appendix A5: Factor Analysis and Other Correlations

170 173 174

Part III The Capability Approach, Social Capital and Human Development in Transition Economies 6 Explaining Economic Development: Old and New Theories 6.1 Introduction 6.2 Traditional theories of economic development 6.3 New theories of economic development 6.4 Economic development as a complex issue 6.5 Final comments

181 181 182 185 192 194

7 Institutions, Human Development, Economic Growth 7.1 Introduction 7.2 Social costs of transition economics 7.3 From institutions to development through capability 7.4 From human development to economic growth 7.5 Growth without development in transition economies 7.6 Country classification on the basis of HDI and GDP 7.7 Final comments

195 195 195 198 203 208 211 214

Appendix A 7: Dealing with Endogeneity: Health Expenditure and Human Development

215

8 Origins of Development: Social Capital, the Middle Class and Democracy 8.1 Introduction 8.2 Social capital, the middle class and democracy: a virtuous cycle 8.3 Social capital and trust in transition economies 8.4 Variable definitions 8.5 Inequality: a negative force for the middle class and social capital 8.6 Institutions for social capital improvements 8.7 Bridging different approaches for a new development model 8.8 Democracy and development 8.9 Final comments

218 218 218 222 225 232 235 237 244 249

x Contents

Appendix A8: Political Regimes in CEECs and FSRs

251

9 Conclusion

254

Appendix

260

Notes

269

Bibliography

278

Index

295

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