Institutional and Policy Diversity

The last few decades have seen an overwhelming advance by the neo-liberal paradigm in terms of defining 'best practices' and spreading the gospel of its policies throughout the world, mainly through international financial institutions. However, this framework has been far from sufficient in enabling policy makers to deal with the complexity of development efforts in regions that are replete with asymmetries, market imperfections and precarious equilibria. The western Balkans is one case in point. This article argues that there is substantial scope for institutional and policy diversity to operate as a means of fostering economic development and that there might be paradigmatic cyclicity in the dynamic of economic policies

Economic geography · Economic system · Economics · Political science · Economic Growth and Development