Abstract
While the last chapter may have proved that, on the whole, institutions were not neglected in the transition to a free-market economy, the point itself may be moot if institutions played only a relatively small role in determining economic outcomes. As the literature review in Chapter 2 touched upon, and this chapter will show, a major point of contention in the transition economics field has been over this very point, on the relative contribution of institutions to growth. This chapter intends to structure a model to examine the relative role of institutions versus two other important factors: policies, including macroeconomic stabilization and packages of policies used to effect the transition, and personalities, or the people involved in the transition in each country.
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© 2013 Christopher A. Hartwell
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Hartwell, C.A. (2013). The Relative Importance of Institutions in Economic Outcomes in Transition. In: Institutional Barriers in the Transition to Market. Studies in Economic Transition. Palgrave Macmillan, London. https://doi.org/10.1057/9781137323712_5
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DOI: https://doi.org/10.1057/9781137323712_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-45874-5
Online ISBN: 978-1-137-32371-2
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)