The Real Institutionalization As A Condition Of The Efficient Economic Politics And Economic Development

Veselin Draskovic

Montenegrin Journal of Economics, 2011, vol. 7, issue 1, 5-20

Abstract: During the period of the post socialism transition, the whole system of the inhibiting factors has been working and caused forming conglomerate system disfunctionality. The mentioned effect was synergetic and destructive. The combination of a global and local factors gives the modern financial and economic crisis a specificity and uniqueness. The aim of this paper is to point to the urgent need of the consistent anti-crisis economic policy creation, which must take into account local and global crisis and risks factors. This article discusses the influence of real institutionalization on the quality and efficiency of the economic policy. It points out at a primary significance of institutionalization on economic policy as well as on a destructive effect of pseudo-institutes on economic policy and valorisation of economic resources. Departs from the hypotheses that the creation efficient anti-crisis economic policy requires a correct and timely identification of the problems and crisis process, formulating their monitoring, defining the necessary measures and creating a development strategy, which should be based on innovative-institutional modeling. The starting point in the paper is a hypothesis that the combination of global and local factors immanently reduced the critical mass of the propulsive developing factors in the post socialism economies of the and seriously damaged their forthcoming economical growth and development. In addition to this, the article is providing evidence that monistic pseudo-market reforms in the period of post-socialist transition haven't succeeded in compensating for a vast institutional vacuum, and that they have even led to its spreading and turning into a quasi-institutionalization.

Date: 2011
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