institutional vacuum
제도적 공백
The condition, during late perestroika and the post-Soviet transition, in which the central-planning apparatus (Gosplan and the industrial ministries) had been dismantled but the market institutions of private property, contract enforcement, and investor protection did not yet exist. In the gap between the collapse of old structures and the establishment of new ones, no rules governed enterprise transactions or resource allocation; the vacuum produced privatization without property rights and commerce without the rule of law, deepening the post-Soviet economic collapse.
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Sources
- Ed Dolan, "Why Perestroika Failed," Milken Institute Review (Dec. 2022), describes the institutional vacuum following the dismantling of Gosplan and ministries without market foundations; "Without property rights, contract enforcement and investor protections, you don't get capitalism. You get kleptocracy."
- N.V. Manokhina, "Институциональный вакуум как атрибут институциональной среды," Промышленность: экономика, управление, технологии, 2008 № 5(24), defines institutional vacuum as the absence, in given space-time coordinates, of actors and rules of the game needed for the forward development of a social system; particularly characteristic of the transition from one socio-economic system to another.
- Wikipedia, "Perestroika," baseline account of Gosplan's reduced role under the 1987 Law on State Enterprises and the partial reforms that dismantled planning without creating market mechanisms.