The Meaning and Measurement of Transition

Hubert Gabrisch and Jens Hölscher

Chapter 1 in The Successes and Failures of Economic Transition, 2006, pp 4-19 from Palgrave Macmillan

Abstract: Abstract Chapter 1 introduces the reader to the characteristics of economic transition. We explain transition as a fundamental change in institutions, and show that progress in transition has been made above all in changing formal institutions; the transformation of informal institutions, however, still lags behind. Corruption, little interpersonal trust and trust in public institutions cause high forgone gains in income generation, employment, and equity. We further evaluate the achievements of institutional changes in terms of sustainable and equitable economic development, and compare expected with actual results. We find that differences between the Chinese transition and transition in Russia and other CEE countries can be explained by country-specific institutional arrangements.

Keywords: Social Capital; Gross Domestic Product; Market Economy; Gini Coefficient; Economic Transition (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62658-4_2

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DOI: 10.1057/9780230626584_2

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