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Petersen, Hans-Georg
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Finanzwissenschaftliche Diskussionsbeiträge 5
However, some simple and powerful theoretical knowledge does exist; here one has just to mention the discussions on methodological individualism and collectivism, on open and closed societies, and last but not least Hayek's ideas on spontaneous order which delivers an appropriate explanation for the radical behavioral adaptations which have taken place in the states of Central and Eastern Europe (CEE), leading to a dramatical institutional change. Because the citizen of CEE put more trust into freedom and market system than into paternalism and central planning, perhaps mainly determined by the better performance of the market economies to satisfy material preferences, the peaceful or velvet revolutions took place. The overstated hopes on democracy and market economy have made the hardships of the big bang bearable at least in the first phase of the transition process. Disillusions and sobering in the next phases have changed behavioral patterns as well as the sequencing of institutional change and reforms, but up to now not endangered the overall development.
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