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Institutions, Institutional Systems and Their Dynamics

Leszek Balcerowicz ()
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Leszek Balcerowicz: Warsaw School of Economics

Chapter 4 in The Palgrave Handbook of Comparative Economics, 2021, pp 67-90 from Springer

Abstract: Abstract This chapter starts with clarifying the basic concept: institutions, institutional systems and policies (Sect. 2). Section 3 compares the dynamics of a highly centralized system with highly decentralized one. Section 4 discusses four basic dimensions of institutional systems: mechanism of succession, civil rights, rule of law and economic rights. Based on that I sketch five main types of institutional regimes: socialism, quasi-socialism, liberal capitalism, quasi-liberal capitalism and crony capitalism. Section 5 discusses two major institutional transformations in the twentieth century: toward socialism and away from it. Section 6 presents an analytical scheme for discussing the determinants of liberal and statist economic transition in democracy. Section 7 focuses on the recent authoritarian transition after a free election.

Keywords: Institutions; Comparative systems; Socialism; Capitalism; Variety of capitalism (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-3-030-50888-3_4

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