Significance Of Institutions For Economic Development - Comparative Research

Abstract

In the Washington Consensus, which was adopted in 1908s and 1990s by developing and former socialist countries, deregulation, liberalization and privatization were seen as most significant. Openness and privatization strategies in the last 15-20 years have become worldwide processes covering many world countries. This process had many elements of universal significance, but there were also many elements specific for the group of countries with similar socio –economic structure and a certain position in the world economy.