Purpose – The main objective of this paper is to critically examine the effects of the ongoing reform process on the overall functioning of Serbia's banking system. It is essential that this reform process bears fruit by developing a sound, efficient and reliable banking system....

The paper examines the interaction between FDI and International Trade in Bulgaria on the basis of successful structural and institutional reforms. After 1989, major changes took place in the political and economical scene in Bulgaria. The country has managed to successfully reform institutions...

The paper examines the interaction between FDI and International Trade in Bulgaria on the basis of successful structural and institutional reforms. After 1989, major changes took place in the political and economical scene in Bulgaria. The country has managed to successfully reform institutions...

Post Keynesian economic analysis recommended a different reform program for transition economies than the orthodox model in the form of shock therapy implemented and imposed by the Washington consensus. In contrast to the dominant view, Post Keynesians recommended gradual price liberalization,...

Alternative models of transition are associated with alternative institutional development processes. Alternative models of transition are based on different methods of economic analysis, political structures, views of 'what is a good society?' and the speed of implementing the transition...

The transition process in Russia and Eastern Europe was dominated in the literature and in policy making by the shock therapy process. However, shock therapy was short-lived. Governments that implemented shock therapy were not able to sustain the reform program since they lost power after the...

This special issue contains five articles on the subject of living standards and well-being, important topics in social economics. The authors assess the so-called squirrel cage of work-and-spend, and the culture of overconsumption in the USA and other industrialized countries. They evaluate...

The privatization policies implemented in transition economies were based on the neoclassical principles of economic thought. The neoclassical privatization policies contributed to the well-known results of a large reduction in output, high unemployment and inflation and a breakdown of...

Alternative economic paradigms give rise to alternative models of transition, which give rise to alternative privatization processes for transition economies. This is because each transition model is associated with a unique privatization process compatible with the predetermined assumptions and...

The historical experience of the successful postwar reconstruction of Western Europe, which was based upon Keynesian principles, totally contradicts the policies implemented in transition economies. Those countries that opted for price level adjustments during postwar reconstruction faced major...