Доминантните макроекономски концепции и политики како фундаменти на процесот на транзиција
Dominant macroeconomic concepts and policies as transition process fundamentals

Summary/Abstract: The transition as a challenge strongly contributed in enriching the economic science knowledge on the relation: transition – economic science, which presents one side of the medal. The other side presents the relation: economic science – transition (economic practice), i.e. using the existing economic knowledge and experience in the realization of the mission for building a new society system. The purpose of this paper is to determine the macroeconomic concepts (school of economic thought) which are form the base for the transition process and its elements and approaches. In this context, this paper seeks to answer the following questions: ü What is the relationship between transition and economic science? ü Which macroeconomic concept is most suitable basis for the main elements of the transition process? ü Which is the theoretical foundation of the two approaches in the implementation of transition processes: “Shock therapy” and gradualism? Reviewing and analyzing an extensive base of relevant literature enable us to connect the characteristics of the transition elements and approaches with the dominant macroeconomic concepts, and to overcome the challenge accepted in the paper. t The current practice shows that the theoretical foundation of the transition should be built as a synthesis of elements from different economic schools: neoliberalism, Keynesianism, new institutional economics, new economics and others. However, certain elements have different specific importance in the synthesis in each country, depending on the tradition, the achieved level of economic development, and the country’s dependence on certain international institutions. But it is inevitable to mention that the "taste" of these syntheses in most of the countries in transition comes from the neo-liberal provenience, which had a dominant influence on the creation of economic policies at the global level in the last two or three decades. t Most of the elements and processes in transition (macroeconomic stabilization, liberalization and deregulation, reform and restructuring of enterprises) are conducted in accordance with neoliberal economic theory (monetarism, public choice theory, new classical macroeconomics and supply side economy). This to a certain extent can be explained by the fact that on the onset of transition, standard economic science was dominated by schools from neo-liberal provenience, giving that very same "flavor" to economic policy as well. If the measures recommended by Keynesian economic theory ("soft" budget constraints - particularly expansive fiscal policy and slight inflation) were in majority applied at the beginning of the transition that would be “add fuel to the fire”. After the stabilization phase, a more prominent role in the further implementation of the transition process should be given to the state (Keynesian economic theory), especially in fostering economic development (social programs, development policies, etc.) and building mark

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