On the Concept of Transition

This article reassesses the meaning of transition. After a critical review of the traditional approach, it is argued that meaningful transition requires emphasis on the change of the institutional path-dependent process. In this light, the issue of transition may also apply to the West. Put differently, the notion of transition is here referred to a broader context than that acknowledged by the orthodox view and now includes the dynamics of power, the attitude toward risk and uncertainty within a civilization, and ideology. It is maintained that changes depend heavily on the opportunities for rent seeking, which may be enhanced or stifled by technological progress or other exogenous events.Enrico Colombatto, "On the Concept of Transition," Journal of Markets & Morality 4, no. 2 (Fall 2001): 269-28