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ECA Talk: Patchwork Capitalism - Causes and Risks

September 23, 2024
Virtual

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