INSTITUCIONALNA OGRANIČENJA EKONOMSKOG RASTA U DRŽAVAMA JUGOISTOČNE EVROPE / INSTITUTIONAL LIMITATIONS OF ECONOMIC GROWTH IN THE COUNTRIES OF SOUTH-EASTERN EUROPE (SEE)

Abstract

All of the SEE countries have their own peculiarities and specific development problems and priorities. But they also share major similarities that are reflecting on: a) longterm and inertial reproduction of development crisis, and b) conflict between formal and informal institutions as the main generator of economic and social crisis. The economic crisis seriously destabilizes social, political and economic environment in the transition countries of the SEE. Therefore, the anti-crisis measures should be given a priority in the future designing of development policy and economic growth. Through the lenses of social and political flexibility in some measures of macroeconomic policy, it is necessary to consider their dosage, introduction, implementation and the timely manner of the specific situations. This study discusses the institutional limitations of economic growth in the SEE countries. It starts with the basic hypothesis that economic growth and development in the SEE countries must be based on the convergence of two approaches: globalization approach (which includes adjusting the achievements and the common development goals of all economies, regardless of their development level) and civilization approach (which respects the national economic specifics and different development trajectories) and auxiliary hypothesis that all the SEE economies eventually must implement institutional pluralism as a universal mechanism of the institutional coordination.