Business Ethics and Corporate Governance, Second Edition

SUMMARY

The question is whether it is possible to reproduce all at once from the institutions of developed market economies in transition economies. The standard institutional portfolio has evolved gradually in different circumstances. Merely transplanting these institutions is not possible because there are new conditions and many cultural differences. On the other hand, to develop entirely new institutions would be an unpredictable adventure. The transition economies cannot afford the luxury of searching for third system between socialism and capitalism. Instead, they have to find a way to accept the existing institutional portfolio and to make it work in the specific cultural, historical and economic environment. Each region is in a different ...