The wide ramifications of a budding bulldozer raj
SummaryBusiness images may be at stake while the wreckage of informal capital can be an economic setback
After open hostilities were over and the conflict in the Balkans had ended, Bosnia Herzegovina tried to revive its economy with the support of the international community, and its leadership unveiled a programme called the Bulldozer Initiative. The metaphor was carefully chosen; as part of the former Yugoslavia, Bosnia Herzegovina had rules and procedures that stifled all innovation; a clean start was needed. The Vietnamese had doi moi (restoration), Mikhail Gorbachev in the former Soviet Union had spoken of perestroika (restructuring), but in rebuilding its economy, Bosnia Herzegovina deployed the bulldozer. Its aim was to ride headlong and crush regulations inspired by the Soviet-era which had hobbled its economy. While Bosnia Herzegovina remained on edge, the initiative captured the imagination of planners and voluminous reports were written by various development banks.