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The subject of the paper is to explain the impact of three braking negative transition factors causing the long-term stagnation of socio-economic development in the three selected countries of South East Europe (SEE) - Bosnia & Herzegovina, Montenegro, and Serbia. It is about institutional inefficiency (which is generated in the synergistic action of alternative institutions and neoliberalism), the post-socialist totalitarian legacy related to the nomenclatures of power, and the underdevelopment of socio-cultural capital. The aim of this paper is to prove their dominant influence on the reproduction of the socioeconomic development deficit (in fact: stagnation) in the observed countries through a hypothetically constructed survey model. The starting point is the basic hypothesis that the overall phenomenology of developmental stagnation is caused by wrong, slow, and inefficient institutional changes (political and macroeconomic), which have caused the dominance of alternative institutions. It also starts with the auxiliary hypothesis that privileged institutional monism (expressed in pronounced non-market appropriation) was the basic motive for the action of these braking factors, although methodologically and essentially it was in paradoxical contradiction with the proclaimed promises of “reformers”. In addition to the usual methods of social sciences, the paper used the results collected through an electronic survey of 900 respondents. In conclusion, the set hypotheses were verified, confirming the imperative need for democratization of society and the application of institutional pluralism on the model of developed countries, which implies the elimination of the considered braking factors. [ABSTRACT FROM AUTHOR]

The subject of this paper is a critique of the selective theoretical modelings of economic realities, which are monistic (quasi-neoliberal) and mathematical-statistical in nature. In this sense, the theme named Contemporary Substitutes of the Political Economy is defined. The aim of this research is that the above-mentioned modeling of economic reality would be described as a deliberate motion from the analysis and explanation of fundamental economic problems towards secondary issues. Therefore, we characterize them as unfair and programmed ways of fogging the essence of economic problems and crisis. We start from the hypothesis that these modelings replaced and virtually eliminated the former synthesized and useful political-economic analysis. In this paper, we have used a descriptive, comparative methods, panel sample and a schematic logic modeling. The results of our research show that the substitution of political economy by neoclassical and neoliberal economics is performed over a longer period, and through prioritizing the mathematical and statistical econometric analysis. As a proof, we present our selective research panel using a sample of 39 issues from five international journals, which can be found in databases SSCI and Scopus. This research is limited by the unavailability of most journals on the Internet and in printed publications. The application area of the research results is an economic theory. In conclusion, we ascertain the need for greater affirmation of political economy, which in combination with new institutional theory, enables a more realistic view of social and economic reality.

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Copyright of Economics / Ekonomija is the property of Rifin d.o.o. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)