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Economic Transition: Speed and Scope

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  • Kenneth J. Arrow

Abstract

This paper reviews and discusses the pace and direction of the transformation of formerly socialist economies into market economies. It points out the lack of credibility of slow reforms as well as the dangers of a radical big-bang approach. The article recommends a gradual transition, starting with a rapid entry of private industry into commerce and light industry, followed by the gradual privatization of the more capital intensive industries, while keeping the government in charge of restructing legal and financial institutions and in the management of declining industries.

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Bibliographic Info

Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 156 (2000)
Issue (Month): 1 (March)
Pages: 9-

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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200003)156:1_9:etsas_2.0.tx_2-b

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Cited by:
  1. Judit KAPÃS & Pál CZEGLÉDI, 2007. "What Does Transition Mean?: Post-socialist and Western European Countries Paralleled," The Journal of Comparative Economic Studies (JCES), The Japanese Society for Comparative Economic Studies (JSCES), vol. 3, pages 3-28, December.
  2. Hagemann, Harald, 2004. "The macroeconomics of accession: growth, convergence and structural adjustment," Structural Change and Economic Dynamics, Elsevier, vol. 15(1), pages 1-12, March.
  3. Svetlana Kirdina, 2012. "From Marxian School Of Economic Thought To System Paradigm In Economic Studies: The Institutional Matrices Theory," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(2), pages 53-71.
  4. Randolph Luca Bruno, 2003. "Speed of Transition, Unemployment Dynamics and Nonemployment Policies: Evidence from the Visegrad Countries," LEM Papers Series 2003/23, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  5. Dobler, Constanze & Hagemann, Harald, 2011. "Economic growth in the post-socialist Russian Federation after 1991: The role of Institutions," Violette Reihe Arbeitspapiere 34/2011, Promotionsschwerpunkt "Globalisierung und Beschaeftigung".
  6. Marcello Signorelli & Enrico Marelli, 2007. "Institutional change, regional features and aggregate performance in eight EU’s transition countries," Quaderni del Dipartimento di Economia, Finanza e Statistica 37/2007, Università di Perugia, Dipartimento Economia, Finanza e Statistica.
  7. Arvind Virmani, 2004. "Economic reforms: Policy and institutions some lessons from Indian reforms," Indian Council for Research on International Economic Relations, New Delhi Working Papers 121, Indian Council for Research on International Economic Relations, New Delhi, India.

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