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Abstract
In the process of economic transition, the former socialist countries of Central and Eastern Europe have had to grapple with establishing an appropriate institutional framework for sustainable development. Market stimuli send contradictory signals to economic agents, whose interests sometimes drive them towards unsustainable development, including environmentally damaging production and consumption, and inequitable distribution of national wealth. The fulfilment of the criteria for sustainable development supposes the existence of a set of governmental and non-governmental institutions that play an active role in the harmonization of private and public interests. Results of this analysis in the region of Eastern Europe support the hypothesis that some of the basic principles of institutional conceptualization need to be adapted to the specific political and socio-economic environment.
Notes
1. Rumen Gechev, Sustainable Development: Economic Aspects (Indianapolis, IN: University of Indianapolis Press, 2005), p.18.
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3. Johan Holmberg, Making Development Sustainable: Redefining Institutions (Washington, DC: Island, 1992).
4. Agenda 21, the ‘Rio Declaration on Environment and Development’, and the ‘Statement of Principles for the Sustainable Management of Forests’, were adopted by more than 178 governments at the United Nations Conference on Environment and Development (UNCED) held in Rio de Janerio, Brazil, 3–14 June 1992. Full text of Agenda 21 at < http://www.un.org/esa/sustdev/documents/agenda21/index.htm>, accessed 21 Nov. 2007.
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16. For an overview see Anton Oleinik, ‘Institutional Analysis of the State’, in Anton Oleinik (ed.), Institutional Economics of Russia's Transformation (Burlington, VT: Ashgate, 2005), pp.246–7.
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19. The power struggle within the ruling coalition was caused by the conflict of economic interests among different groups of individuals. It was based on economic interests because political power opened opportunities for easier access to economic and financial resources. Certain groups had an interest in slowing the privatization process because they defended the interests of private business which used to buy cheap products from state-owned companies and resell them at much higher prices. As a result, the state was left with losses and profits were seized by the newly established ‘capitalists’. Other groups had opposite interests, namely to speed the privatization but under conditions favourable to themselves: in other words, privatization was seen as an opportunity to acquire assets at prices much lower than the market level. The Bulgarian government tried to neutralize, or at least to minimize, the pressure from these ‘insiders’ but it lost the battle, culminating in the resignation of the prime minister in December 1996.
20. The Currency Board is based on fixed exchange rate and the money supply is anchored to the hard currency reserves of the Central Bank. Under these conditions the monetary authorities do not have the right to exercise monetary policy.
21. Alvin Toffler, Powershift: Knowledge, Wealth and Power at the Edge of the 21st Century (New York: Bantam, 1991).
22. < http://ec.europa.eu/growthandjobs/key/index_en.htm>, accessed 27 April 2007.