Diversity of Capitalism in Central and Eastern Europe: Dependent Economies and Monetary Regimes

Description

This book explores the hypothesis of the emergence of a ‘dependent capitalism’ in Central and Eastern Europe. In a first theoretical part, this book presents the main approaches that structure the field of comparative capitalism and then examines this model shaped by the inflow of foreign capital. In an original way, it proposes to integrate the form of the monetary regime into the dependent capitalism analysis and to extend it to Balkan countries. The monetary regime is seen as complementary to the other elements of the institutional configuration of dependent capitalism. In the second part, the authors adopt a historical and empirical perspective. First, they demonstrate how dependent capitalism has emerged in Central and Eastern Europe and the Baltic States over the last 30 years as part of the process of socio-economic transformation that began in 1990. The crisis of 2008 was an indicator of this dependence on Western capital. Secondly, they extend the analysis to the Balkan countries and show that dependence is even stronger for them, particularly in the monetary area, as evidenced by the implementation of currency boards or euroization phenomena. This book is of interest to academics and students, as well as to business and economic policy makers. Acknowledgements Contents List of Figures List of Tables 1 Introduction References Part I Theoretical Foundations 2 Varieties or Diversity of Capitalism? Two Main Approaches in Comparative Capitalism Varieties of Capitalism Diversity of Capitalism Institutional Complementarity and Hierarchy Institutional Complementarity Institutional Hierarchy Application to Central and Eastern European Countries LME, CME or DME in Central and Eastern Europe? Régulationist and Cluster Analysis Looking for Specific Approaches Conclusion References 3 Dependent Capitalism Dependency Theories Theories of Imperialism From Imperialism to Dependency Dependent Capitalism in Central and Eastern European Countries Dependent Market Economies The Specific Context of the 2008 Crisis Conclusion References 4 Dependent Monetary Regime Monetary Dependence: General Perspective Elements of Dependent Monetary Regimes Institutional Formsof the Dependent Monetary Regime References Part II Empirical and Historical Perspectives 5 Dependent Capitalism in Central and Eastern Europe Introduction Perceived Legacy and Path Dependence in Shaping National Transformation Trajectories (1989–1998) The Impact of a Positively Perceived Legacy in East-Central Europe Reforms Rejecting Socialist Legacy in the Baltic Countries Bulgaria and Romania Hold on to the Past Emergence of a Dependent Capitalism with Various Forms in the 2000s and Its Resilience to the 2008 Crisis Dependence on FDI and Exports Financial Dependence Dependence on Remittances Conclusion References 6 Dependent Monetary Regimes in Post-Communist Balkan Periphery: Currency Boards in Bulgaria and Bosnia and Herzegovina Introduction: The Second Birth of Capitalism and Monetary Regimes in the Balkans The Currency Board in Bulgaria The Currency Board in Bosnia and Herzegovina Concluding Comments References 7 Dependent Monetary Regimes in Post-Communist Balkan Periphery: Unilateral Euroization in Montenegro and Kosovo Introduction Euroization in Montenegro Euroization in Kosovo Concluding Remarks References Part III Conclusion 8 Concluding Remarks: Dependent Monetary Regimes During the Pandemics Main Points of the Book Dependent Monetary Regimes During the Pandemic Possible Future Research References Index