Alternative Economic Models of Transition
Marangos illustrates and develops an analytical framework proposing different models of transition for Central, Eastern Europe and the former Soviet Union economies based on a political economy approach. This makes it possible to understand the complexities of the transition process from a new and more enlightened perspective and to take account of the differing opinions of economists. This approach contrasts with the actual approach adopted at the time by the transition economies, which has been dominated by the neoclassical models, in particular, the shock therapy approach. transition: The Shock Therapy model, The Neoclassical Gradualist model, The Post Keynesian model, The Pluralistic Market Socialist model and The Non-Pluralistic Market Socialist model (the Chinese model). By analysing the transition problem from a political economy perspective, it is possible to reveal the inconsistencies within each transition model and between such models and therefore to identify the potentialities regarding the implementation and maintenance of the necessary reforms that each model recommended. In conclusion, an attempt has been made to identify an optimal model of transition, which maximises social welfare.
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achieve Aslund behavior budget deficit capitalism capitalist CEEFSU central bank centrally administered socialism China competitive Consequently cost of transition democracy democratic discretionary fiscal policy economic reforms economic system efficiency elements enterprises environment establishment exchange rate firms foreign aid free market goal gradual hard budget constraint ideological implemented income incomes policy increase individual inflation initial conditions institutional structure investment Kornai Latvia market failure market process market relations market socialism market socialist market socialist model mature market economies model of transition monetary policy neoclassical economics neoclassical economists neoclassical gradualist economists non-pluralistic outcome ownership party planning pluralistic market socialist political structure Post Keynesians private property process of transition production property rights reduced reform process restructuring result Roemer Russia Sachs sector shock therapy approach shock therapy model shock therapy process shock therapy supporters stabilization Stalinist transformation transition economies transition process unemployment Union World Bank