On the Concept of Transition (Essay‪)‬

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. Introduction