Abstract
AbstractThis paper seeks to develop an interdisciplinary approach to the transition problems of Eastern Europe by building on the theory of institutional change of Douglass North. It highlights the interdependence of economic, political, institutional and cultural factors in the policy environment of transition economies. On that basis, it argues that most economic transition strategies suffer from two deficiencies: (1) a neglect of the implications of institutional inertia and (2) a reductionist view of politics. Institutional negligence has led to overly confident policy design, while the political short‐termism of reformers has provided a radicality bias, resulting in policy overshooting and political destabilization.
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