Economic Policy: Path dependency and path creation, 1989-2015

László Csaba*

*Corresponding author for this work

Research output: Contribution to Book/Report typesChapterpeer-review

Abstract (may include machine translation)

This chapter addresses fundamental issues of economic policy and systemic change in the post-1989 period. The research question is if, when, and to what degree the broad institutional and policy changes have managed to boost convergence to western Europe. In eight theses, highlighted as section headings, it attempts to present the big picture. The classical agenda of stabilization, liberalization, institution-building and privatization (SLIP) serves as a red thread in assessing bits and pieces. Issues of long-term path dependency versus impacts of policy choices are discussed. Due to space limitations, country experiences are discussed as illustrations only. In terms of the timeline these years are taken as watersheds: 1989, the Polish round-table talks and the collapse of the Berlin Wall; then 1999, the NATO intervention in Yugoslavia and the Helsinki EU Council on Big Bang enlargement; and finally 2008, the spillover of the global crisis and its management. While 1999-2008 was a period of real convergence, in the post-crisis period it came to a halt in most countries. The final, ninth section explains how this relates to the rise of illiberalism.

Original languageEnglish
Title of host publicationThe Economic History of Central, East and South-East Europe
Subtitle of host publication1800 to the Present
PublisherTaylor and Francis
Pages413-433
Number of pages21
ISBN (Electronic)9781317414117
ISBN (Print)9781138921979
DOIs
StatePublished - 1 Jan 2018

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