TRANSFORMACJA GOSPODARCZA W GRUZJI W KONTEKŚCIE ZMIAN INSTYTUCJONALNYCH
ECONOMIC TRANSFORMATION IN GEORGIA IN THE CONTEXT OF INSTITUTIONAL CHANGES

Summary/Abstract: The purpose of the article is to describe the course of economic transformation in Georgia, with particular emphasis on changes conditioning institutional stability in that country and decisions that caused instability in some period of Georgia's functioning. The first point discusses Kornai's theory of the so-called "scarcity economics", i.e. the system functioning in communist countries. Attention was also paid to the characteristic features of the mono-party system. The next section describes the theory of economic transformation and its determinants, then focuses on the division of institutions into formal and informal, attention is paid to the essence of institutional changes in the context of economic transformation. The article discusses in detail institutional stability in Georgia during the course of the economic transformation process and discusses the most important economic effects using specific macroeconomic indicators. In order to conduct the analysis, descriptive and explanatory methods were used, which include interpretative, analytical, cause-and-effect and comparative methods. The techniques used during the study include collecting and analyzing secondary data.

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