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The Handbook of Political, Social, and Economic Transformation$
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Wolfgang Merkel, Raj Kollmorgen, and Hans-Jürgen Wagener

Print publication date: 2019

Print ISBN-13: 9780198829911

Published to Oxford Scholarship Online: March 2019

DOI: 10.1093/oso/9780198829911.001.0001

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(p.392) Chapter 35 Economy
The Handbook of Political, Social, and Economic Transformation

Hans-Jürgen Wagener

Oxford University Press

In this chapter, transformation of the economic system is analysed with the example of post-socialist transition. This is obviously not confined to the imperative trinity of ‘liberalization, privatization, and stabilization’, however important it may have been. The transformation of the economic order, i.e., of the framework of formal institutions, is a deliberate political process that may be intended from below, but has to be initiated from above in the form of legal acts and administrative measures. The transformation of the economic system is described much less precisely and encompasses, in addition to the constitutive order, the individual structures in all their specificities as well as the attitudes and behaviours of the economic agents. The final outcome differs markedly between individual countries due to historical legacies and actual policies.

Keywords:   Soviet-type economy, Marxist-Leninist ideology, decision making, motivation, information, Washington Consensus, good governance, stabilization, entrepreneurial initiative, structural change

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