Rethinking the interaction between FDI and competitiveness in West Balkans: an institutionalist approach
by Konstantinos Hazakis
International Journal of Economic Policy in Emerging Economies (IJEPEE), Vol. 4, No. 2, 2011

Abstract: Since the beginning of the revolutionary changes that have occurred in transition economies, it has been difficult to propose a uniform model of economic competitiveness. The paper aims to address this ambiguity from an Institutionalist point of view. While neoclassical theory perceives actors as facing rational economic choices, institutional theory considers actors at any time, bound by the range of routines and norms they have mastered. Three questions are addressed: How Foreign Direct Investment (FDI) is associated with competitiveness? What is holding up the process of strengthening competitiveness in West Balkans? What corrections in approach would be warranted? It is argued that West Balkans economies are characterised by high uncertainty, influencing individuals' capacity to maximise capital investment.

Online publication date: Fri, 08-Apr-2011

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