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.
Author(s): Eric Magnin, Nikolay Nenovsky
Publisher: Palgrave Pivot
Year: 2022
Language: English
Pages: 167
City: Cham
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
