INSTITUTIONAL REFORMS IN THE CONTEXT OF MARKET TRANSFORMATION: THE GENERAL AND THE PARTICULAR

The article is aimed to develop a theory of institutional reforms, to study their role and relevance at different stages of development of the market mechanism. Based on an analysis of institutional dynamics of industrial transformation of the post-socialist countries in the cases of Russia, Ukraine, Georgia and Poland, three stages was identified and some regularities of institutional changes at each of them was allocated. At the first stage reforms and new institutional forms originate only in the interior of the old system; they serve as complementary elements of the base elements. At the second stage, institutional reforms are transformed into a factor of degradation of the old and origination of the new system, while the pure institutional balance is dislocated. The third phase is associated with establishment and institutionalization of the integral market mechanism. At the present stage the economic system of Ukraine is characterized by institutional incompleteness and fragmentarity of the complex institutions. Formation of a unified market mechanism makes the importance of the institutional reforms that are transforming and shaping a versatile tool and, at the same time, a major component of the relationship between institutionalization and improving of adaptability and competitiveness of the national economy.