The Market for Institutions vs. Capitalism by Fiat: The Case of Eastern Europe

Abstract

February 28 -March I, 1994. I would like to thank the Earnart Foundation and the Lynde & Harry Bradley Foundation for support of my research on the e c o n o~c s of property rights in Eastern Europe. I also wish to thank an anonymous referee for excellent comments.1. Yugoslavia was the only exception.2. This paper defines capitalism as a system based on private ownership, contractual freedom, a government under law. and the behavioral principles of self-interest, self-responsibility and self-determination.

Religion, law and development: Islam and Christianity—Why is it in Occident and not in the Orient that man invented the institutions of freedom?

“…It means supposing with Hayek (1973) and Weber (1996, p. 349) that ''the world's images which were created by means of ideas, often played the role of indicators, by determining the roads upon which the dynamic of interests was the motor for action.'' This means explaining economic development by institutional change and institutional change by the evolution of mentalities and vice versa (North and Denzau 1994;Colombatto 2001;Pejovich 1994). This means taking the principle proposed by Hayek (1952) in the Sensitive Order, but also in Law, Legislation andLiberty (1976, 1981, p. 114).…”

Extrapolation of theory of institutions on the propensity to public finance in Ukraine

“…[19]. На институциональном рынке заключаются институциональные сделки, со гласно Д. Бромлею это «действия, принимаемые в соответствии с новыми экономическими условиями с целью установления нового институционального устройства» [20], и существует равновесное состояние институционального спроса и институционального предложения [21].…”

“…Рассматривая индекс открытости бюджета за 2010-2012 г.г. Украи на потеряла 8 пунктов [19]. При анализе индекса от крытости правительства Украина занимает 43 позицию из 102 стран [25], на рис.…”

From a labor-managed economy to a market economy: A contribution to economic transformation

“…Understanding the transitional processes enables understanding of the forms of capitalist economy taking place in an individual economy in transition [Dallago and Mittone, 1996;Pejovich, 1996].…”