The Impact of Institutional System on Structural Changes and Development of the Emerging Economy
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Abstract
Dilemma of structural changes in the industry occurring under institutional system in the emerging economy is extensively discussed in economic publications. In this case there is still room for projecting various solutions, as opposed to the fully developed (mature) economy that suffers from historical determinants and institutional limits. The paper contributes to the above-mentioned debate. It reviews three consecutive options concerning a combination between institutional system on the one hand and stabilization as well as industrial policies on the other hand, thus influencing structural changes and development in several ways. As the first option called the Washington Consensus is of short-run character, the remaining hypothetical options are subject to long-run approach. In the paper one can find a clear thesis: the short-run option seems doubtful nevertheless the long-run options are not deprived of shortcomings. The analysis has been carried out on the basis of normative economics, dealing with the emerging economy at various development stages.(original abstract)
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