How has the Great Recession shaped the institutional landscape of peripheral European market economies? Looking at the dynamic institutions of Romanian capitalism the paper finds evidence of the further transformation of this economy during the 2000s away from incoherent “cocktail...

The transitional recession in countries of Eastern Europe and the Former Soviet Union has lasted much longer than expected. The legacy of the past and recent policy mistakes have both contributed to the slow progress. As structural reforms and gradual institution building have taken hold, the...