Abstract :
The aim of this study is to explain the trajectory of institutional change. It focuses in the social relations and property rights of agricultural land market- Bulgaria during (1878-2013). The reforms define institutional change. Retrospective analysis explains the factors that influence long-term patterns of human behavior and property rights in the agricultural land market. Forecast: The reforms will not change distribution of property rights. On operational level the local monopolies will support high levels of transaction costs. Opportunistic behavior is a special, incidental cooperation between market participants versus administration. In this way the market participants would avoid some of transaction costs. Most of the socio-economic relationships that are defined from “land” will be stopped forever. Proposals to improve the institutional changes are associated with creation of competition within the process and integration of property rights through information.
