Boettke, Peter (2011): Institutional transition and the problem of credible commitment.
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During the last phase of state socialism, the economic reforms attempted by these counties didn’t stop the collapse of communism. Neither did the free market economic reforms in the democratic West starting around 1975 bring progress and prosperity expected. The frustrations of both these attempts of transformation make it clear that the goal of social transition would not be achieved without liberal limits on the state - what was created to ward off private predation, which itself became a greater problem of predation. Indeed, we can only ensure the effective function of the society by establishing the self-sustaining constitution and enforcing credible commitment that bind the public institutions.
|Item Type:||MPRA Paper|
|Original Title:||Institutional transition and the problem of credible commitment|
|Keywords:||Economies in Transition; Informal Institutions|
|Subjects:||O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O10 - General
B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B53 - Austrian
|Depositing User:||Peter Boettke|
|Date Deposited:||07. Jul 2011 19:23|
|Last Modified:||20. Feb 2013 06:52|
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