How much do institutions matter - Freedom & Transition update
25 Sep 2010

There are two days left in the Freedom & Transition seminar at Bohinj. The participants from 8 countries this morning gave thorough presentations on the rule of law in their particular countries: Slovenia, Serbia, Turkey, Lebanon, Montenegro, Romania, Croatia, and the United States. I personally was surprised at how much corruption, waste, and bureaucracy exists in these Eastern European countries. I think one has the tendency to think that ever since the wall fell and communism ended here the governments are more efficient and the people much more free but that is not necessarily the case.

Yesterday the participants have been divided into two teams and tomorrow will be in two debates related to economic and political institutions. To that end a number of discussions the past few days have been on the subject of institutions, both formal and informal.

Also of note was a fun field trip we took to Waterfall Savica and Bled together and a movie we watched about the next financial crisis, "Overdose: The Next Financial Crisis."

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