Trajkova-Najdovska, Natasa and Obednikovska, Snezana (2017) SOME PECULARITIES OF GROWTH IN THE COURSE OF TRANSITION. Annals of the „Constantin Brâncuşi” University of Târgu Jiu, Economy Series, Issue 6 (6/2017). pp. 131-137. ISSN ISSN 2344 – 3685/ISSN-L 1844 - 7007

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Transition is described as a unique process of transformation of the former socialist countries from a system of
central planning to a free market economy. It encompassed various changes in social, political, institutional and
economic life in former socialistic countries, resulting in various paths of recovery and growth among transition
economies. Having in mind it exceptionality, there was no already made theory that explained all the movements in the
course of transition. Instead, most of the transitional studies of growth adhered to existing paradigms, neoclassical and
new growth theories rooted in the reality of developed industrialized economies, or paradigm of development theories
related to growth in less developed countries. This study challenges the conceptual framework commonly used to study
growth and develops a theoretical debate claiming that transition processes stands apart from the typical development
of a market economy. Namely, many of the assumptions of the growth theories which are rooted in reality of a
developed market economy; do not accommodate transition reality accurately, which consequently challenges their
application to the analysis of growth in transition context. Hence, the inference suggest that the application of the
growth theories to explore growth in the course of transition, should take into consideration all the restraints, and also
should consider adjusting and relaxing many of the assumptions of the models of growth in order to fit the transition
reality properly.

Item Type: Article
Subjects: Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions: Faculty of Economics
Depositing User: Mr Dimitar Risteski
Date Deposited: 21 Jan 2020 12:08
Last Modified: 14 Mar 2020 20:59

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