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Twenty Years of Economic Transition: Successes and Failures

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  • Jens HÖLSCHER

    (University of Brighton, United Kingdom)

Abstract

This study takes stock of 20 years of economic transition amidst a global economic crisis. The period from the fall of the Berlin wall up to the present day is reviewed to identify successes and failures. In general, the high hopes and expectations at the beginning of the system transformation have been disappointed. There has been some progress in Central and Eastern Europe; this stands in stark contrast to the social costs incurred by rapid mass privatization in countries of the former Soviet Union. In addition, the Washington consensus is found to be flawed and partly responsibleforthefailures. With economic theory in self-consideration, the transition countries call for an institutionalist approach that includes historical time.

Suggested Citation

  • Jens HÖLSCHER, 2009. "Twenty Years of Economic Transition: Successes and Failures," The Journal of Comparative Economic Studies (JCES), The Japanese Society for Comparative Economic Studies (JSCES), vol. 5, pages 3-17, December.
    • Handle: RePEc:cos:epaper:v:5:y:2009:p:3-17
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    File URL: http://www.kier.kyoto-u.ac.jp/~ces/jces/05_jces_2009/03_Holscher_Paper.pdf
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    References listed on IDEAS

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    1. Jens Hölscher & Johannes Stephan, 2009. "Competition and Antitrust Policy in the Enlarged European Union: A Level Playing Field?," Journal of Common Market Studies, Wiley Blackwell, vol. 47(4), pages 863-889, September.
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    Cited by:

    1. Richard Pomfret, 2010. "Constructing Market-based Economies in Central Asia: A Natural Experiment?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 7(2), pages 449-467, December.

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    More about this item

    Keywords

    transition; economic systems;

    JEL classification:

    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • F02 - International Economics - - General - - - International Economic Order and Integration

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