Law, Tradition, and the Transition in Eastern Europe
By Svetozar Pejovich
This article appeared in the Fall 1997 issue of The Independent Review

Why has Eastern Europe all but abandoned its capitalist ideals of the early 1990s? Although pro-capitalist on the surface, many of its reforms undermined a transition to capitalism by creating fear and uncertainty, thereby raising transaction costs and alienating bureaucrats and retirees-obstacles that might have been avoided had reformers emphasized the need for stable, pro-market legal systems compatible with prevailing cultural norms.

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