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Abstract
Systemic economic transition is a process of determined radical institutional change, a
process of building new institutions required by a market economy. Nowadays, the experience
of transition countries with the implementation of new institutions could be reviewed
as a method of economic development that despite similar singular steps has different
effects on the domestic economic performance. The process of institutional
change towards a market economy is determined by political will, thus the government
plays an important role in carrying out the economic reforms. Among the variety of outcomes
and effects the attention is drawn especially to economic growth that diverges
significantly in different post-transition countries. The paper attempts to shed light upon
the problem on the basis of institutional economics, of economics of innovation and partially
of political economy of growth using an evolutionary, process-oriented perspective.
In this context the issue central to the promotion of economic growth is the successful
implementation of new institutions through governmental activities. The paper
shows that under the conditions of bounded rationality and radical uncertainty economic
growth is determined, inter alia, by the capacity for governmental learning.