The transition from socialism to capitalism in former socialist economies is one of the main economic events of the twentieth century. Not only does it affect the lives of approximately 1.65 billion people, but it is contributing to a shift in emphasis in economics from standard price and monetary theory to contracting and its institutional environment. Economic research in transition shows not only that institutions matter but also how their evolution toward higher efficiency depends on initial conditions and on sustained political support.Unlike early policy literature on transition economics, which focused on the so-called Washington consensus, this book provides an overview of current research, analyzing issues raised by transition for which economic theorists and policy makers had no ready answers. It shows how research on transition contributes to our understanding of capitalism as an economic system and of the dynamics of large-scale institutional change.The book is divided into three parts. The first part looks at how large-scale reforms are decided dynamically through the political process. The second part looks at the general equilibrium and macroeconomic effects of liberalization in economies without preexisting markets. The third part looks at the economic behavior of firms in the transition from state to private ownership and compares the effects of privatization, restructuring, and financial reform. Although focused on transition economics, the discussions are relevant to topics in political economics, development, public economics, corporate finance, and micro- and macroeconomics.
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Book Description
Editorial Reviews
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"This book by a leading contributor to transition economics is one of the few monographs in the field that is rigorous and model-oriented throughout.... A thorough and comprehensive treatment of important microeconomic questions in transition economics." - Carsten Hefeker, Journal of Institutional and Theoretical Economics"
About the Author
Gérard Roland is Professor of Economics at the Université Libre de Bruxelles and a Resident Fellow at ECARES (European Center for Advanced Research in Economics and Statistics).
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Most Helpful Customer Reviews
9 of 9 people found the following review helpful:
5.0 out of 5 stars
Transition as It Is,
By Mark Levin "mlevin@mail.ru" (Moscow,Russia) - See all my reviews
This review is from: Transition and Economics: Politics, Markets, and Firms (Comparative Institutional Analysis) (Hardcover)
I would recommend this book for everybody who wants to know what and why the great new Transition Revolution has happened in USSR and East Europe.I use this book for teaching in the Moscow State University as the main textbook ,and students like it for its explanations of a lot complicated problems of Transition economical systems and policy making.
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Inside This Book
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First Sentence:
In his essay on economic policy and the political process, Avinash Dixit (1996) quotes Alan Blinder's "Murphy's Law of Economic Policy" (1987, p. 1): "Economists have the least influence on policy where they know the most and most agree; they have the most influence on policy where they know the least and disagree most vehemently." Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
privatization reversal, initial output fall, rationed users, different privatization policies, post political constraints, various privatization policies, important output fall, ante acceptability, higher investment response, public finance arrangements, ante political constraints, big bang price liberalization, noncash bids, nonstate capital, giveaway privatization, allocative changes, more irreversibility, planned suppliers, excess closure, reversal costs, defensive restructuring, post irreversibility, repression technology, enforcement equilibrium, exit bonus Key Phrases - Capitalized Phrases (CAPs): (learn more)
Czech Republic, Eastern Europe, Soviet Union, European Union, Central Europe, East Germany, Transition Report, East Asian, United States, West German, United Kingdom, Vaclav Klaus, East European, Western Europe, World Bank, Special Economic Zones, Van Reenen New!
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Front Cover | Table of Contents | First Pages | Index | Surprise Me!
In his essay on economic policy and the political process, Avinash Dixit (1996) quotes Alan Blinder's "Murphy's Law of Economic Policy" (1987, p. 1): "Economists have the least influence on policy where they know the most and most agree; they have the most influence on policy where they know the least and disagree most vehemently." Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
privatization reversal, initial output fall, rationed users, different privatization policies, post political constraints, various privatization policies, important output fall, ante acceptability, higher investment response, public finance arrangements, ante political constraints, big bang price liberalization, noncash bids, nonstate capital, giveaway privatization, allocative changes, more irreversibility, planned suppliers, excess closure, reversal costs, defensive restructuring, post irreversibility, repression technology, enforcement equilibrium, exit bonus Key Phrases - Capitalized Phrases (CAPs): (learn more)
Czech Republic, Eastern Europe, Soviet Union, European Union, Central Europe, East Germany, Transition Report, East Asian, United States, West German, United Kingdom, Vaclav Klaus, East European, Western Europe, World Bank, Special Economic Zones, Van Reenen New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
Citations (learn more)
This book cites 48
books:
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14
books
cite this book:
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- Economic Policy 32 by Georges De Menil on 6 pages
- The Economics of Transition: The Fifth Nobel Symposium in Economics by Erik Berglöf on 5 pages
- How Russia Became a Market Economy by Anders Aslund in Front Matter, and Back Matter
- The COMING RUSSIAN BOOM by Richard Layard in Front Matter, and Back Matter
- The Czech Republic: The Velvet Revolution (Arbitrary Borders) by Robert Charles Cottrell on page 311, and Back Matter
See all 48 books this book cites
- on page 51, and page 178
- Imperfect Institutions: Possibilities and Limits of Reform (Economics, Cognition, and Society) by Thrainn Eggertsson on page 127, and Back Matter
- Russian Path Dependence: A People with a Troubled History (Routledge Studies in the European Economy) by Stefan Hedlund in Back Matter (1), and Back Matter (2)
- Transition, Taxation And the State (Transition and Development) (Transition and Development) by Gerald Turley in Back Matter
- Political Economy of Transition and Development: Institutions, Politics and Policies (ZEI Studies in European Economics and Law) by Nauro F. Campos on page 66
See all 14 books citing this book
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