The current EU enlargement process is EU's biggest enlargement ever in terms of scope, diversity and issues involved. Therefore a book dealing with the Europeanization of the newly acceding countries could not be more timely. The book offers a rigorous treatment of the complex issues faced by Central and Eastern European countries (CEECs), using the latest theoretical developments of a long-standing intellectual tradition concerned with understanding the relationship of politics and economics. The hypothesis tested at length through a combination of quantitative and qualitative methodologies was that institutions are the underlying determinant of the long-run performance of economies. The book argues that the institutional inconsistencies found in the emerging models of capitalism create a set of incentives for political and economic actors that in some CEECs are not growth enhancing. By showing that CEECs did not adopt a uniform model of capitalism, the book further clarifies the debate surrounding the issues of Europeanization, globalization and institutional convergence.
'Lucian Cernat's original analysis combines political economy insights with rigorous economic modelling to explain the influence of external factors (the EU, World Bank, IMF) and domestic interests on the emerging varieties of capitalism and their impact on economic performance in CEECs.' - Dr. Peter Holmes, Jean Monnet Reader in Economics, University of Sussex, UK
'Cernat provides a precise understanding of how external influences, and in particular the Europeanization process, combine with domestic political interests to shape economic institutions and development in CEECs. The book shows how badly wrong the transition to capitalism can go when incoherent reforms are pursued. Such 'worst-case' scenarios have important lessons for policy makers involved in EU enlargement and in promoting such reforms in other emerging market economies.' - Prof. Martin Rhodes, European University Institute, Italy
'...[Cernat's] declared aim is to carry out the first detailed analysis of the 'Europeanization' of the former communist countries that joined the European Union in the first wave of eastern enlargement in 2004 as well as an in-depth analysis of Romania's political and economic transformation after the overthrow of Ceausescus. To this end, his work is successful.' - International Affairs
List of Figures
List of Tables
Preface
List of Abbreviations
INTRODUCTION
PART 1: THEORETICAL CONSIDERATIONS
State-Society Interaction and Interest Group Intermediation
Varieties of Capitalism
Theoretical Cross-Fertilizations: Globalization, Europeanization, and Policy Transfer
PART 2: INSTITUTIONS AND ECONOMIC GROWTH IN CENTRAL AND EASTERN EUROPE: A QUANTITATIVE ANALYSIS
Diverging Paths: Alternative Explanations
Models of Capitalism and Economic Growth in Eastern Europe
The Econometric Model, Results and Implications
PART 3: DOMESTIC INSTITUTIONS AND ECONOMIC PERFORMANCE: 'COCKTAIL CAPITALISM'
State-Industry Relations
State-Labour Relations
State-Finance Relations
PART 4: EXTERNAL POLICY TRANSFER AND ECONOMIC GROWTH: RECONCEPTUALIZING EXTERNAL INFLUENCES
Institutionalized Globalization and Policy Transfer: Carrot and Stick Policies
The Europeanization of Central and East European Countries: Main Policy Transfer Elements
Empirical Testing
PART 5: EXTERNAL FACTORS AND MODELS OF CAPITALISM: THE ROMANIAN EXPERIENCE
The Impact of the Europeanization Process
The Impact of International Monetary Fund on Domestic Institutions in Romania: Aid, Conditionality and Policy Transfer
The World Bank: Between Anglo-Saxon Capitalism and Mezzo-Corporatism
CONCLUSIONS
Notes
Bibliography
Index
LUCIAN CERNAT is Economist at the United Nations Conference on Trade And Development (UNCTAD), Switzerland and Research Fellow at the University of Manchester, UK. He has published several articles on European and regional integration, transition economies, and trade issues. He co-edited Competition, Competitiveness, and Development: Lessons from Developing Countries and contributed to Can Regional Integration Arrangements Enforce Trade Discipline? The Story of EU Enlargement and Romania and the European Union: Inflation, Balance of Payments, Economic Growth.
Description
The current EU enlargement process is EU's biggest enlargement ever in terms of scope, diversity and issues involved. Therefore a book dealing with the Europeanization of the newly acceding countries could not be more timely. The book offers a rigorous treatment of the complex issues faced by Central and Eastern European countries (CEECs), using the latest theoretical developments of a long-standing intellectual tradition concerned with understanding the relationship of politics and economics. The hypothesis tested at length through a combination of quantitative and qualitative methodologies was that institutions are the underlying determinant of the long-run performance of economies. The book argues that the institutional inconsistencies found in the emerging models of capitalism create a set of incentives for political and economic actors that in some CEECs are not growth enhancing. By showing that CEECs did not adopt a uniform model of capitalism, the book further clarifies the debate surrounding the issues of Europeanization, globalization and institutional convergence.
Reviews
'Lucian Cernat's original analysis combines political economy insights with rigorous economic modelling to explain the influence of external factors (the EU, World Bank, IMF) and domestic interests on the emerging varieties of capitalism and their impact on economic performance in CEECs.' - Dr. Peter Holmes, Jean Monnet Reader in Economics, University of Sussex, UK
'Cernat provides a precise understanding of how external influences, and in particular the Europeanization process, combine with domestic political interests to shape economic institutions and development in CEECs. The book shows how badly wrong the transition to capitalism can go when incoherent reforms are pursued. Such 'worst-case' scenarios have important lessons for policy makers involved in EU enlargement and in promoting such reforms in other emerging market economies.' - Prof. Martin Rhodes, European University Institute, Italy
'...[Cernat's] declared aim is to carry out the first detailed analysis of the 'Europeanization' of the former communist countries that joined the European Union in the first wave of eastern enlargement in 2004 as well as an in-depth analysis of Romania's political and economic transformation after the overthrow of Ceausescus. To this end, his work is successful.' - International Affairs
Contents
List of Figures
List of Tables
Preface
List of Abbreviations
INTRODUCTION
PART 1: THEORETICAL CONSIDERATIONS
State-Society Interaction and Interest Group Intermediation
Varieties of Capitalism
Theoretical Cross-Fertilizations: Globalization, Europeanization, and Policy Transfer
PART 2: INSTITUTIONS AND ECONOMIC GROWTH IN CENTRAL AND EASTERN EUROPE: A QUANTITATIVE ANALYSIS
Diverging Paths: Alternative Explanations
Models of Capitalism and Economic Growth in Eastern Europe
The Econometric Model, Results and Implications
PART 3: DOMESTIC INSTITUTIONS AND ECONOMIC PERFORMANCE: 'COCKTAIL CAPITALISM'
State-Industry Relations
State-Labour Relations
State-Finance Relations
PART 4: EXTERNAL POLICY TRANSFER AND ECONOMIC GROWTH: RECONCEPTUALIZING EXTERNAL INFLUENCES
Institutionalized Globalization and Policy Transfer: Carrot and Stick Policies
The Europeanization of Central and East European Countries: Main Policy Transfer Elements
Empirical Testing
PART 5: EXTERNAL FACTORS AND MODELS OF CAPITALISM: THE ROMANIAN EXPERIENCE
The Impact of the Europeanization Process
The Impact of International Monetary Fund on Domestic Institutions in Romania: Aid, Conditionality and Policy Transfer
The World Bank: Between Anglo-Saxon Capitalism and Mezzo-Corporatism
CONCLUSIONS
Notes
Bibliography
Index
Authors
LUCIAN CERNAT is Economist at the United Nations Conference on Trade And Development (UNCTAD), Switzerland and Research Fellow at the University of Manchester, UK. He has published several articles on European and regional integration, transition economies, and trade issues. He co-edited Competition, Competitiveness, and Development: Lessons from Developing Countries and contributed to Can Regional Integration Arrangements Enforce Trade Discipline? The Story of EU Enlargement and Romania and the European Union: Inflation, Balance of Payments, Economic Growth.
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