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The Political Economy of Transformation

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  • Ellman, Michael

Abstract

This article gives an analysis of the political economy of transformation which stresses the major achievements of some countries, the fact that the transformation is not yet over, the existence of both winners and losers, and the limitations of transition orthodoxy. Attention is paid to the implications of transformation up until now for social philosophy and the Washington Consensus. It is argued that among the surprises of transformation were the importance of a sound banking system, of a strong, but limited, state, and the fact that transformation is a long and difficult process. In addition, the initial stress on the need for rapid privatization turned out to be one-sided. More important for the resumption of economic growth is the development of new private firms. There are political dangers on the road ahead which, for the successful applicants, will be reduced by EU membership. Copyright 1997 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 13 (1997)
Issue (Month): 2 (Summer)
Pages: 23-32

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Handle: RePEc:oup:oxford:v:13:y:1997:i:2:p:23-32

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Cited by:
  1. Paul Frijters & Dirk Bezemer & Uwe Dulleck, 2003. "Socialism, Capitalism, and Transition - Coordination of Economic Relations and Output Performance," Paul Frijters Discussion Papers, School of Economics and Finance, Queensland University of Technology 2003, School of Economics and Finance, Queensland University of Technology.
  2. Natalia Letki & Mierina, I. (Inta), 2012. "GINI DP 45: The Power of Networks. Individual and Contextual Determinants of Mobilising Social Networks for Help," GINI Discussion Papers 45, AIAS, Amsterdam Institute for Advanced Labour Studies.
  3. Herzog, Bodo, 2006. "Coordination of fiscal and monetary policy in CIS-countries: A theory of optimum fiscal area?," Research in International Business and Finance, Elsevier, Elsevier, vol. 20(2), pages 256-274, June.
  4. Wladimir Andreff, 2004. "Would a Second Transition Stage Prolong the Initial Period of Post-socialist Economic Transformation into Market Capitalism?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 1(1), pages 7-31, June.
  5. Jaan Masso & K. Espenberg & Anu Masso & I. Mierina & Kaia Philips, 2013. "GINI Country Report: Growing Inequalities and their Impacts in the Baltic States Estonia, Latvia, Lithuania," GINI Country Reports, AIAS, Amsterdam Institute for Advanced Labour Studies baltics, AIAS, Amsterdam Institute for Advanced Labour Studies.

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