Academic Scientific JournalsLEGAL CONDITIONS OF ECONOMIC ACTIVITY. TRANSFORMA-TIONAL RENT AS AN IMPERFECTION OF THE INSTITUTIONAL ORDER
Keywords:
transformation annuity, institutional governance, socialist economyAbstract
The aim of the research was to demonstrate the reasons for the existence of informal institutions using the example of the transformational rent in a deficit economy. The object of the research was defined, among other things, by showing the historical background, the characteristics of the transition economy and the circumstances of the enactment of the business act. The data collected through the use of the monographic method allowed the conclusion to be drawn that the transformational rent is characterised by a hybrid structure, as it is simultaneously a product of the past with elements of the centrally planned economy and the availability of opportunities created by the new system (capitalism). In line with the stated aim of the research, the pursuit of transformational rent arises as a result of the deterioration of the welfare of groups losing the benefits achieved in the scarcity economy. In addition, the transformational rent chase represents a barrier and an imperfection in institutional governance
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