The Institutional Hiatus in Economies in Transition and Its Policy Consequences

Richard Kozul-Wright and Paul Rayment

Cambridge Journal of Economics, 1997, vol. 21, issue 5, 641-61

Abstract: The collapse of Communism created an 'institutional hiatus' in the economies of eastern Europe and the Soviet Union because the old political and economic institutions were destroyed more rapidly than they could be replaced by those of a market economy. The importance and complexity of institution-building has been played down in the mainstream 'economists' consensus' which has presented a highly restricted set of policy options as the only route to a vibrant market economy. This paper argues that entrepreneurship provides a missing conceptual link between enterprise reform and the creation of market institutions. A number of measures for closing the institutional hiatus in transition economies are considered. Copyright 1997 by Oxford University Press.

Date: 1997
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