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Books > Business & Economics > Business & management > Management & management techniques > Organizational theory & behaviour
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The Soft Budget Constraint - The Emergence, Persistence and Logic of an Institution (Hardcover, 2000 ed.)
Loot Price: R4,458
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The Soft Budget Constraint - The Emergence, Persistence and Logic of an Institution (Hardcover, 2000 ed.)
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The soft budget constraint - today a popular metaphor - is a
paradox. In socialist economies, it implies that the state tends to
bail out state-owned firms in financial trouble, in spite of the
tremendous performance problems of the entire system that result.
When the socialist system broke down, the soft budget constraint
was expected to disappear. However, it seems to persist, and its
persistence appears to hamper the transition process itself. The
Soft Budget Constraint The Emergence, Persistence and Logic of an
Institution seeks an answer to this paradox. It aims at increasing
our understanding of why the soft budget constraint exists. By
investigating state-owned enterprises in Tanzania before, during
and after socialism, the prevalence of the soft budget constraint
is examined and an explanation of its existence is suggested. The
approach is institutional. The soft budget constraint is defined as
an informal institution and an invisible-hand explanation of its
emergence, persistence and logic is applied. The book shows that
the soft budget constraint emerged as an unintended consequence of
the establishment of the Tanzania socialist system in the 1970s. A
behavioral solution to recurrent systemic problems was offered, and
thus the soft budget constraint performed several functions. Once
established, its very existence set off a cumulative process of
self-generation. Four reinforcement mechanisms that accounted for
its maintenance during Tanzanian socialism are identified. Its
character as an informal rule helps to explain why it persisted
during market-oriented reform, initiated in the mid-1980s. The soft
budget constraint was part of the socialist heritage, was adapted
tosystemic change, and influenced the direction and character of
this change.
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