Theoretical deliberations on time and space in post-socialist transformation

This paper considers the spatio-temporal dimensions of post-socialist transformation. It discusses approaches based on modernization and dependency theory and shows that neither modernization (an 'OECD-profile') nor dependency on the global division of labour are likely outcomes of transformation. Instead hybrid forms of capitalism are evolving. They display different combinations of an extraction and production economy or of 'arbitrage capitalism' based on exploitation of differentials in time and space without taking care of material production processes. The trajectory of development depends highly on the management of competitiveness of the place, on regulation of competition in the global space and on the organization of the economy of time.