Dependent Capitalism in Central and Eastern Europe

Eric Magnin () and Nikolay Nenovsky ()
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Eric Magnin: University Paris Cité

Chapter Chapter 5 in Diversity of Capitalism in Central and Eastern Europe, 2022, pp 85-107 from Springer

Abstract: Abstract The purpose of this chapter is to show how initial conditions in 1989–1990, the legacy of the former socialist system, and both processes of transition and integration into the EU, marked by exceptional institutional reforms, have led to the emergence of a model of dependent capitalism in Central and Eastern Europe in the 2000s. While this model is unique at a certain level of abstraction, it nevertheless presents differentiated variants associated with the forms of dependencies that characterize it. The 2008 economic and financial crisis highlighted the fragilities of dependent capitalism and of its institutional variations. The post-socialist capitalism has nevertheless retained its main institutional features after the crisis, in particular its dependence on foreign direct investment. However, in recent years, some countries seem to be reconsidering this model and giving a more important role to the national State.

Keywords: Perceived legacy; Path dependence; Washington consensus; Shock therapy; Financial dependence; Remittances; Dependence on FDI and exports (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-04950-7_5

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DOI: 10.1007/978-3-031-04950-7_5

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