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June 10, 2022
9789633864258
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v2.1 Reference

The Moneywasting Machine

Five Months Inside Serbia's Ministry of Economy

For five months in 2013–2014 Dušan Pavlović took time off from teaching to accept a senior position in Serbia's Ministry of Economy. This short period was long enough for him to make a penetrating diagnosis of the economic activity of the post-communist government. He found that a coterie of tycoons and politicians live off the wealth of the majority of citizens and smaller entrepreneurs, while the economy performs below its capacities. In academic terms, extractive economic institutions create allocative inefficiency.

Vivid, suggestive, and even entertaining accounts depict how privatisation is administered and foreign investment projects are handled, and how party members, relatives, and friends are hired into public administration and state-owned companies. They show how the managers of firms that queue for state subsidies resist the systematic screening of their businesses. The principles of Keynesian economics are distorted and misused to conceal deliberate fiscal mismanagement. Huge ill-conceived development projects siphon taxpayers' money from "non-economic" activities like social services, health, education, science, and culture.

What Pavlović found in Serbia is acutely symptomatic of many other European post-communist regimes of our time, lending his book singular importance.

About the Author

Dušan Pavlović is a political economist, currently teaching political economy at the Faculty of Political Science, University of Belgrade, where he is employed as full professor.

9789633864258 : the-moneywasting-machine-pavlovi
Hardback
June 10, 2022
$55.00 USD

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