Neformalne institucije i zakasnela tranzicija privrede Srbije
Informal Institutions And Belated Transition Of Serbian Economy

Summary/Abstract: Recorded currentsof postsocialist trransformation have demonstrated deficiencies of transitional orthodoxy,particularly its insensitivity to the subtle effects and peculiarities of institutional structures in economies in transition. Informal institutions, firmly rooted in the minds of actors and existing business practices have proven to be particularly important determinants of the speed and efficiency of the transition. Transfer of the institutions from the West, according to the recipe of "Washington consensus'' was often impossible or very difficult, becuse of ignoring these institutional circumstances of countries in transition. Examples of today's fast-growing developing countries, show that the establishment of an efficient market economy is possible through bypassing recommendations for economic orthodoxy, relying on local resources and sensitivity to existing institutional circumstances. Delayed transition of the Serbian economy, burdened with unfarovable and often destructive socio-economic trends, requires a realistic institutional policy, sensitive to local conditions and constraints. Equally important task is to select the model of the market economy as the final destination of the transition, whose institutional characteristics should be well embedded in particular culturally and historically conditioned context of the national economy.

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