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Economic Reforms and Constitutional Transition

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Author Info

  • Jeffrey Sachs

    (Center for International Development and Department of Economics Harvard University)

  • Wing Thye Woo

    (Department of Economic University of California at Davis)

  • Xiaokai Yang

    (Center for International Development at Harvard University
    Department of Economics, Monash University)

Abstract

This paper investigates the relationship between economic reforms and constitutional transition, which has been neglected by many transition economists. It is argued that assessment of reform performance might be very misleading if it is not recognized that economic reforms are just a small part of large scale of constitutional transition. Rivalry and competition between states and between political forces within each country are the driving forces for constitutional transition. We use Russia as an example of economic reforms associated with constitutional transition and China as an example of economic reforms in the absence of constitutional transition to examine features and problems in the two patterns of transition. It is concluded that under political monopoly of the ruling party, economic transition will be hijacked by state opportunism. Dual track approach to economic transition may generate very high long-term cost of constitutional transition that might outweigh its short-term benefit of buying out the vested interests.

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Bibliographic Info

Article provided by Society for AEF in its journal Annals of Economics and Finance.

Volume (Year): 1 (2000)
Issue (Month): 2 (November)
Pages: 423-479

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Handle: RePEc:cuf:journl:y:2000:v:1:i:2:p:423-479

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Related research

Keywords: Transition economies; Constitutional economics; Inframarginal analysis; State opportunism; Dual track approach; Division of labor; Shock therapy; Gradualism;

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Cited by:
  1. Sean M. Dougherty & Robert H. McGuckin, 2001. "The Effect of Ownership Structure and Jurisdictional Governance on Productivity in Chinese Enterprises," Economics Program Working Papers 02-01, The Conference Board, Economics Program, revised Jan 2002.
  2. Shaomin Li & Kiran Karande & Dongsheng Zhou, 2009. "The Effect of the Governance Environment on Marketing Channel Behaviors: The Diamond Industries in the U.S., China, and Hong Kong," Journal of Business Ethics, Springer, vol. 88(3), pages 453-471, October.
  3. Piet van Gennip, 2005. "Loan Extension in China: a Rational Affair," DNB Working Papers 037, Netherlands Central Bank, Research Department.
  4. Jian Li & Kunrong Shen & Ru Zhang, 2011. "Measuring Knowledge Spillovers: A Non-appropriable Returns Perspective," Annals of Economics and Finance, Society for AEF, vol. 12(2), pages 265-293, November.
  5. Xiaobing Wang, 2009. "Regulation and Corruption in Transitional China," The School of Economics Discussion Paper Series 0920, Economics, The University of Manchester.
  6. Wang, Chan, 2012. "A very preliminary survey on growth and development," MPRA Paper 39037, University Library of Munich, Germany.
  7. Justin Yifu Lin & David Rosenblatt, 2012. "Shifting patterns of economic growth and rethinking development," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 15(3), pages 171-194, September.
  8. Sachs, Jeffrey & Yang, Xiaokai & Zhang, Dingsheng, 2000. "Globalization, dual economy, and economic development," China Economic Review, Elsevier, vol. 11(2), pages 189-209, December.
  9. Justin Yifu Lin, 2007. "Development and Transition : Idea, Strategy, and Viability," Development Economics Working Papers 22709, East Asian Bureau of Economic Research.
  10. Liu, Wai-Man & Ngo, Phong, 2012. "Voting with Your Feet: Political Competition and Internal Migration in the United States," MPRA Paper 43601, University Library of Munich, Germany.
  11. Enrico Colombatto, 2006. "Law, Economics and the Institutional Approach to Development and Transition: towards an Evolutionary Perspective," ICER Working Papers 7-2006, ICER - International Centre for Economic Research.
  12. Cheng, Wenli & Yang, Xiaokai, 2004. "Inframarginal analysis of division of labor: A survey," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 137-174, October.

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