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Bulgarian Economic Thought since 1989: - page 21 / 22





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different degrees and in different ways, and attempted to defend “necessity,” “commodity-money relationships,” and the “law of value [cennost]” (which could alternatively be termed “the law of cost [stoymost]”) under socialism from the recognized as well as traditional economists; for further information, see Perov’s (1969, 1990) and Aroyo (1986).

20) The fact that Romania is not featured in Wagener’s book offers some “solace.” However, it is a fact that unlike Bulgaria, Romania has economists—immigrants from the West—who continue to be popular in Romania even today, such as Nicholas Georgescu Roegen and Nicolas Spulber, or the protectionist Mihail Manoilescu who is, even today, respected in Latin America for his development economics and agriculture concepts (see Aligica, 2002).

21) There exists regularity, on the basis of which Peter Meusburger said, “The earlier the knowledge, experience, and networks needed in the 1990s for a successful adjustment and adaptation to the market economy had been acquired, the more successful was the transformation process,” Wagener (2002, 5). I personally do not agree with this statement for the simple reason that the transition was not a transition per se, rather it was a transformation, i.e., a process with an open end, and these processes were not underpinned by knowledge. However, I do agree with the fact that that the better one understands the mechanisms of the market economy, the easier it is to make a decision in new and unfamiliar circumstances.

22) This group comprised practically all economists who worked on the political economy of socialism and were involved in the policy making and in the communist party decision-making.

23) Recently, on BNB’s initiative, a decision was taken under the Bulgarian Economic Heritage Series for reissuing the major studies of the distinguished traditional Bulgarian economists.

24) Bulgaria emerged as a state in 1680 and from 1018 to 1186 it was under the Byzantine rule. This was followed by a period of autonomy until it came under the Ottoman rule (13931878). Subsequently, there was a period of independence once again; however, in 1944/1945 Bulgaria joined the socialist countries bloc, which was actually dominated by USSR. The Soviet bloc collapsed in late 1989 and Bulgaria became a member of the European Union in 2007.

25) The liberal views were shared by Bulgarian revolutionaries and early politicians such as Georgi Sava Rakovski (18211867), Christo Botev (18481876) (with anarchistic elements), Petko Slaveykov (18271895), the early Stephan Stambolov (18541895) etc. (see Black, 1943).

26) See Yotzov (2000).

27) A few Bulgarian academic economists attained high positions in International Financial Institutions (IFIs), for example, Kristalina Gueorgieva at the World Bank (Vice President). A few Bulgarian economists are employed at the Federal Reserve research units (Dobrislav Dobrev and Ekaterina Peneva), the European Central Bank (ECB), and other central and commercial banks.

28) For example, Sofia University realized a joint program with the University of Delaware, USA, and a few American academics and published interesting studies regarding Bulgaria; Koford (2000), Koford and Miller (2006), Miller and Petranov (2001).

29) With the exception of the previously mentioned Leonidov (2000).

30) For a general understanding of transition, see the books by Stoyanov (1999), Prodanov (1999), and Manov (2000).

31) The Rhan-Utt Project (after the names of Richard Rhan and Ronald Utt, the National Chamber Foundation, the U.S.) was realized at the invitation of Prime Minister Andrey Lukanov during the period MarchAugust 1990. This project envisaged radical and shock reforms in all spheres of the country, including the introduction of a currency board.

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