THE RELATIONSHIP BETWEEN ECONOMIC DEVELOPMENT AND ECONOMIC FREEDOM: THE CASE OF TRANSITION ECONOMIES
THE RELATIONSHIP BETWEEN ECONOMIC DEVELOPMENT AND ECONOMIC FREEDOM: THE CASE OF TRANSITION ECONOMIES

Summary/Abstract: Economic theory emphasizes various factors, determining economic growth and development. Recently economists have focused their attention on institutional environment as precondition for economic growth. This article focuses on one aspect of institutional environment, namely economic freedom. Considering the importance of economic freedom, its change extent and continuity this article focuses on 18 economies in which central planning was dismantled in 1990–1992 and aims to investigate whether the differences in economic performance can be associated with level and change of economic freedom. The methods of the article are the systematic analysis of literature, correlation analysis, regression analysis, comparison and generalization.

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