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The Political Economy of Crisis Adjustment in Central-Eastern Europe: Economic Prosperity and Social Cohesion After the Crash

Having previously been shielded from periodic turmoil in the global economy, the financial crisis of 2008/9 has presented an unprecedented challenge for the political economies of Central-Eastern Europe (CEE). Demonstrating the inability of models devised for their Western counterparts to adequately capture the capitalist variety on Europe's Eastern periphery, the article begins by proposing a novel theoretical framework for an analysis of the process of crisis adjustment in CEE. Hypotheses relating to post-crisis economic performance and the distribution of social costs are tested. Three distinct logics of adjustment are identified. In the Baltic states, a logic of extreme political rigidity, unmatched economic flexibility and enhanced social Darwinism; in the Visegrad states, one of political sclerosis, economic rigidity and selective social compensation; and in Slovenia, one of political fragility, economic implosion and generous cost-compensation. Notably, all three groups of countries are found to have relied extensively on one-off instruments to address the fallout from the crisis. The episode bears lasting implications for the fundamental constellations of East European variants of capitalism. More...

Starts: Feb 27, 2015 5:00:00 PM

Economics and Business Seminar Series Logo

Was Domar Right? The Second Serfdom, the Land-Labour Ratio, and Urbanization in Eighteenth-Century Bohemia

The ‘second serfdom’ is widely regarded as one of the sources of the early modern Little Divergence, during which the economies of eastern and eastern-central Europe are seen as decisively falling behind those of the west. More...

Starts: Jan 20, 2015 5:00:00 PM

Transition Economics Meets New Structural Economics - A Workshop

The recent global financial crisis has generated much debate about our understanding of the process of economic development, economic integration and globalization. In particular, the Economies of Eastern Europe and Former Soviet Union - (ex) Transition economies - have experienced the biggest relative decline in the pace of economic growth. Therefore, it is timely to re-examine the theories and conceptual perspectives that have guided the transition process so far and to emphasise their virtues, understand their limits and propose new directions.

The workshop will bring together experts in Transition Economies to discuss different approaches to economic development and their theoretical underpinnings. Discussions will in particular contrast the traditional wisdom defending transition and institutional change with insights from New Structural Economics and Neo-Schumpeterian Political Economy.


Slavo Radošević, Justin Yifu Lin, Erik Bergloff, Michael Landesmann, Nauro Campos, Micheal Keren, Andrea Roventini, Randolph Bruno, Žilvinas Martinaitis, Natalya Vochkova, Karsten Staehr, Anthony Bartzokas, Michiel Bijlsma, Judith Clifton, Dominique Foray, Mikel Landabaso, Alasdair Reid, Erkki Karro, Saul Estrin, László Bruszt, Boris Kuznetsov, Daniel Daianu.

Presentations, Videos & Podcasts


Watch short interviews with Justin Yifu Lin, Michael Landesmann and Peter Sanfey, discussing: Is New Structural Economics relevant for Transition Economies?

Post-Event Summary

The workshop attracted more than 80 participants taking part, over 2 days, in vivid debates on the process of economic development. The workshop brought together about 30 speakers and panellists who shared their views and experiences.