This ECA Talk discussed the recent comparative analysis of development paths and the nature of post-communist capitalism in 11 new EU member countries of Central and Eastern Europe (CEE-11) between 2004 and 2023. It focuses on the unique "patchwork capitalism" model that shapes these countries' institutional comparative advantage. While this model supports short- and medium-term economic growth and income convergence, it is less resilient to external shocks like the COVID-19 pandemic and incurs significant economic and social costs. Over the long term, the model's limited capacity for innovation and adaptation hinders progress toward a knowledge-driven, sustainable economy, making it unlikely that the CEE-11 countries will escape their current semi-peripheral status in global value chains.
DETAILS
- DATE: September 23, 2024
- TIME: 8:00 - 9:00 AM EDT
- CHAIR: Ivailo Izvorski, Chief Economist for Europe and Central Asia at the World Bank
- CONTACT: Office of the Chief Economist Office in Europe and Central Asia
- ECACEoffice@worldbank.org