Pitfalls On The Road Out Of The Socialist Order - A Long Journey Towards A Market Economy
Pitfalls On The Road Out Of The Socialist Order - A Long Journey Towards A Market Economy

Summary/Abstract: Professional circles and general public would hardly disagree on the assessmentthat the transition process in Serbia, particularly the privatization as its key component, leftmuch to be desired. The number of privatized establishments continuously lagged behindwhatever had been planned; the process unfolded slowly and with considerable setbacksand many privatized enterprises turned out to be inefficient and even unsustainable. Lessthan successful privatization, as well as lagging behind in performing other activities whichconstitute broadly defined transition process, gave rise to sharp and widely directedcriticisms. The purpose of this paper is to demonstrate that transition is burdened with somany widely varied constraints and confronted with such insurmountable obstacles that itsconsiderably more successful evolvement was not to be expected. Surprise anddisillusionment are not much more than a result of unfounded expectations and a markedlack of understanding of the mechanisms and the decision processes driving the institutionalchange.

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