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The Central Role of Entrepreneurs in Transition Economies

The Central Role of Entrepreneurs in Transition Economies Abstract The authors summarize entrepreneurial patterns in the transition economies, particularly Russia, China, Poland and Vietnam. Markets developed spontaneously in every transition country, but they were built at varying speeds. Some governments impeded the entrepreneurs' self-help by creating conditions that made it hard for informal contracting to work; others created an environment that was conducive to self-help. The spontaneous emergence of markets, furthermore, has its limits. As firms' activities became more complex, they came to need formal institutions. Some governments fostered entrepreneurship by building market-supporting infrastructure; others did not. The authors argue that the success or failure of a transition economy can be traced in large part to the performance of its entrepreneurs. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Perspectives American Economic Association

The Central Role of Entrepreneurs in Transition Economies

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Publisher
American Economic Association
Copyright
Copyright © 2003 by the American Economic Association
ISSN
0895-3309
DOI
10.1257/089533002760278767
Publisher site
See Article on Publisher Site

Abstract

Abstract The authors summarize entrepreneurial patterns in the transition economies, particularly Russia, China, Poland and Vietnam. Markets developed spontaneously in every transition country, but they were built at varying speeds. Some governments impeded the entrepreneurs' self-help by creating conditions that made it hard for informal contracting to work; others created an environment that was conducive to self-help. The spontaneous emergence of markets, furthermore, has its limits. As firms' activities became more complex, they came to need formal institutions. Some governments fostered entrepreneurship by building market-supporting infrastructure; others did not. The authors argue that the success or failure of a transition economy can be traced in large part to the performance of its entrepreneurs.

Journal

Journal of Economic PerspectivesAmerican Economic Association

Published: Sep 1, 2003

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