Transaction Costs Under Plan, Market, and Transition

• Autorzy: Joost Platje
• Języki publikacji: EN

Abstrakty

EN

The aim of this paper is to describe the different types and development of transaction costs (for a definition, see below) in formerly centrally planned economies (Soviet-Type Economies - STEs). Western-Type Economies (WTEs, i.e. capitalist economies) have managed to lower marginal transaction costs, which has stimulated economic development. STEs, on the other hand, failed to adjust their institutions so that the phase of fast economic growth after the Second World War was followed by a declining speed of further economic development, ultimately leading to economic stagnation. Another question addressed is what were the consequences of the high transaction costs under the old system for the economic development in the transition period in Poland. It will be argued that in an STE like Poland, with the USSR as power centre (stakeholder) and the communist party being the most important institution, transaction costs increased so much that reforms were inevitable at the beginning of the 1980s. However, as these reforms did not take place transaction costs increased even more during the 1980s, causing further economic stagnation, thereby making radical institutional change even more necessary. In 1989 the economic system in Poland started to change from, roughly speaking, an STE into a WTE, which led to a reform of several existing STE-type institutions. Obviously, this institutional change reduced or even removed certain transaction costs related to the old system. In addition the transition process as such also resulted in new types of transaction costs. (fragment of text)

Słowa kluczowe

EN

Transaction cost; Economic policy; Condition of the economy; Economic benefits; Market

PL

Koszty transakcyjne; Polityka gospodarcza; Kondycja gospodarki; Korzyści gospodarcze; Rynek

• Czasopismo: Economic and Environmental Studies
• Rocznik: 2001
• Numer: Vol. 1 The Course and Effects of the Transformation Process in Poland in Different Fields of Social And Ekonomic Life
• Strony: 135--157

Twórcy

autor

Joost Platje

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