By Jan Drahokoupil
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Extra info for Globalization and the State in Central and Eastern Europe: The Politics of Foreign Direct Investment
25–28). By the mid-nineties, the EU had embarked on the process of active export of European regulation. It focused on securing liberalization and deregulation of political economies in the region. Promotion of foreign investment both in industry and finance was one of its major concerns (Vliegenthart and Horn, 2007). Establishing whether coercion, hard or soft, actually explains policy outcomes is far from straightforward. First, it needs to be demonstrated that the states would prefer to resist were it not for the external influence (see Simmons, Dobbin, and Garrett, 2006).
Distributional and political benefits of institutional change are uncertain, and the prospective beneficiaries may not be important political players at the time of change; neither are they likely to emerge early enough to provide political support for constitution-seeking politicians (Drazen and Grilli, 1993; Fernandez and Rodrik, 1991). Further, institutional change can be explained with reference to rulers rather than constituents since the latter will always face the free-rider problem (North, 1981).
Weak social embeddedness and weak transformational states, according to Bohle (2006), made the reformers eager to secure external assistance. In the absence of domestic capitalist classes, various social forces that are linked to foreign capital were found to have prominent roles. The reformers could either directly benefit from alliance with investors or be dependent on the investment decisions of TNCs. The new elites within CEE became integrated, albeit in a junior position, into the wider transnational capitalist class, which constitutes an organic base for recent restructuring of capitalism on the world scale (Shields, 2004a; Bohle, 2006; Holman, 2001).