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"In this volume, leading social scientists, empirical analysts, and policy practitioners demonstrate the various ways in which the insights of János Kornai, a renowned early analyst and critic of the command economies of Eastern European communist states, are stirring academic and policy discussions about current challenges. While dissecting the economic theories and practices in the Soviet Bloc, Kornai devised and applied concepts such as soft-budget constraints, rush versus harmonic growth, surplus versus shortage economy, non-Walrasian equilibrium, bureaucratic coordination, and the invisible power of the communist party. These concepts are commonly applied to a variety of issues in the contexts of fundamental transformation. The cases discussed in this volume include the transitional paths of postcommunist economies, the pitfalls of East European market-building, economic repercussions of the dissolution of Yugoslavia, and the process of integration in the Eurozone. The volume concludes with János Kornai's remarks about the value of democracy and other research topics, delivered at the conference celebrating his 90th birthday in February, 2018"--

AbstractThis introduction to the Kornai 90 Symposium briefly overviews János Kornai's rich scholarship with the aim of highlighting those features of Kornai's work that are of particular interest to institutional economists. Above all, the introduction browses through some of his main works, such asOvercentralization,Anti-Equilibrium, andEconomics of Shortage, with a special emphasis on the soft budget constraint,The Socialist System, and Kornai's latest writings on Hungary's U-turn. We invoke the political contexts of these works to suggest their impact on Kornai's diverse questions, changing methods, and the constraint they put on his conclusions as well as on the reception of the research results. In the end, we underline that Kornai was an independent scholar with an interest in a variety of methods and approaches, who nevertheless, or maybe consequently, had a remarkable impact on the thinking of social scientists and practitioners alike. The four papers presented in the symposium are testimonies to the living impact of Kornai'soeuvreon institutionalist analysis today.

"In this volume, leading social scientists, empirical analysts, and policy practitioners demonstrate the various ways in which the insights of János Kornai, a renowned early analyst and critic of the command economies of Eastern European communist states, are stirring academic and policy discussions about current challenges. While dissecting the economic theories and practices in the Soviet Bloc, Kornai devised and applied concepts such as soft-budget constraints, rush versus harmonic growth, surplus versus shortage economy, non-Walrasian equilibrium, bureaucratic coordination, and the invisible power of the communist party. These concepts are commonly applied to a variety of issues in the contexts of fundamental transformation. The cases discussed in this volume include the transitional paths of postcommunist economies, the pitfalls of East European market-building, economic repercussions of the dissolution of Yugoslavia, and the process of integration in the Eurozone. The volume concludes with János Kornai's remarks about the value of democracy and other research topics, delivered at the conference celebrating his 90th birthday in February, 2018"--

AbstractCentral bankers and financial regulators in East Central Europe and the Balkans regularly employed macroprudential policy before the global financial crisis and continue to be among its most active proponents in the European Union. We draw upon the Dependent Market Economy framework to explore how the EU's five DMEs – the Czech Republic, Hungary, Poland, Romania, and Slovakia – have used macroprudential policy to manage the uneven distributional effects of financial globalization and European integration. We contend that while structural and EU‐specific institutional factors define the available policy space, policy choices within that space depend upon how domestic actors translate macroprudential policies into their local contexts. Overall, our analysis highlights the social impact and challenges to European integration of heavy DME reliance on macroprudential policy making, especially when motivated by domestic financial nationalism.

Leading social scientists, empirical analysts, and policy practitioners demonstrate the various ways in which the insights of János Kornai, a renowned early analyst and critic of the command economies of Eastern European communist states, are stirring academic and policy discussions about current challenges. While dissecting the economic theories and practices in the Soviet Bloc, Kornai devised and applied concepts such as soft-budget constraints, rush versus harmonic growth, surplus versus shortage economy, non-Walrasian equilibrium, bureaucratic coordination, and the invisible power of the communist party. These concepts are commonly applied to a variety of issues in the contexts of fundamental transformation. The cases discussed in this volume include the transitional paths of post-communist economies, the pitfalls of East European market-building, economic repercussions of the dissolution of Yugoslavia, and the process of integration in the Eurozone. In conclusion János Kornai's thoughts on a variety of research topics as well as the value of democracy are included as he delivered at the conference celebrating his 90th birthday in 2018