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Institutional Dynamics versus Economic Dynamics in Romania

Keywords: institutions , path dependency , institutional efficiency , institutional dynamics , economic dynamics

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Abstract:

Economic growth and development are undoubtedly the major objectives of every nation. From thelarge variety of determinant factors, institutional economy emphasizes the role of institutional efficiency inachieving such performances. In Romania, the binomial relationship between effective institutions anddevelopment tend to be a utopia, taking into consideration that responsible for poor economic performances isprecisely the institutional inefficiency. There is a path dependency, which clearly explains the current stage ofdevelopment, given the poisonous influence of ex-soviet regime. Hereditary mark of the past inhibits anychance of progress, inclusively in the context of EU membership, which certifies Romanian formalintegration at the transnational European level. The purpose of this paper is to offer an overview of Romanianeconomic dynamics through the quality of institutional framework, and furthermore, to highlight thenecessary measures for redressing the inland economic conditions.

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