This book investigates the institutional underpinnings of the relatively strong economic performance in Central Asian countries since their independence. The New Institutional Economics as well as Political Economy approaches provide the conceptual framework for case studies. All contributions consider factor markets and institutions as fundamental drivers of economic growth. This volume scrutinizes the evolution, design, and performance of factor markets in the region including land and natural resources, labor, physical and human capital.

The countries of Central Asia are increasingly the focus of intense international attention due to their geopolitical and economic importance as well as their unsettled transition processes. The region faced enormous challenges when the Soviet Union disintegrated, and this book focuses on the reforms of the institutional environment that have been largely neglected. Through an interdisciplinary approach, the book explores key aspects of institution building as well as economic and political governance in Central Asia. Contributors from a variety of disciplines, such as economics, political economy, political science, sociology, law, and ethnology, investigate the challenges of institutional transition in a non-democratic region. The book discusses how the lack of effective institution building as well as rule enforcement in the economic and political realms represents one of the key weaknesses and drawbacks of transition, and goes on to look at how crafting market institutions will be of utmost importance in the years ahead. Making an important contribution to understanding of political-economic developments in Central Asia, this book is of interest to students and scholars of political economy, comparative economics, development studies and Central Asian studies.

The countries of Central Asia are increasingly the focus of intense international attention because of their geopolitical and economic importance as well as their unsettled transition processes. The region faced enormous challenges when the Soviet Union disintegrated. Overall, it has made rudimentary progress in opening up to the international community, creating market institutions, and building more inclusive, democratic political processes. Daunting challenges remain - reflected in the region's relatively low economic and human development indicators. In particular, reforms of the institutional environment have been largely neglected. It is evident that the lack of effective institution building as well as rule enforcement in the economic and political realms represents one of the key weaknesses and drawbacks of transition. Hence, crafting adequate market institutions will be of utmost importance in the years ahead. This book explores key aspects of institution building as well as economic and political governance in Central Asia through an interdisciplinary approach. Contributors from different disciplines such as economics, political economy, political science, sociology, law, and ethnology investigates the challenges of institutional transition in a non-democratic region. Making an important contribution to understanding of political-economic developments in Central Asia, this book will be of interest to students and scholars of political economy, comparative economics, development studies and Central Asian studies.

This is the first book to specify the type of economic system that has arisen in Central Asia, replacing the simplistic ideas of 'petro-state' or 'resource dependent.'The book presents three types of state capitalism now established in the former Soviet Union states of Eurasia - crony, dual-sector, and predatory capitalism. It provides first-hand research based on extensive interviewing in the native languages in five of the six. From the political economic perspective, it surveys the source of resources for these authoritarian regimes, their decision-making, and the disposition of government funds, including corruption.