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A post Keynesian critique of privatization policies in transition economies

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Author Info
John Marangos (School of Business, University of Ballarat, Australia)

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Abstract

The privatization policies implemented in transition economies were based on the neoclassical principles of economic thought. The neoclassical privatization policies contributed to the well-known results of a large reduction in output, high unemployment and inflation and a breakdown of institutional norms resulting in corruption and illegal activities. For the post Keynesians, there could have been a transition to a market economy without a substantial change in property ownership. This was because ownership, as such, was less important than competition, the incentive structure and the nature of regulatory policies. Consequently, post Keynesian policies of privatization would had resulted in a substantially smaller social cost of transition. Copyright © 2002 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jid.909
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 14 (2002)
Issue (Month): 5 ()
Pages: 573-589
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Handle: RePEc:wly:jintdv:v:14:y:2002:i:5:p:573-589

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  1. Guido Friebel, 2000. "Bureaucracies in the Russian Voucher Privatization," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 37-57, March. [Downloadable!] (restricted)
  2. Stanley Fischer & Ratna Sahay, 2000. "The Transition Economies After Ten Years," IMF Working Papers 00/30, International Monetary Fund.
  3. Horne, Jocelyn, 1995. "The Economics of Transition and the Transition of Economics," The Economic Record, The Economic Society of Australia, vol. 71(215), pages 379-92, December.
  4. Guido Friebel, 1998. "Bureaucracies in the Russian Voucher Privatization," William Davidson Institute Working Papers Series 177, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  5. Jeffrey B. Miller & Stefan Petranov, 2000. "The First Wave of Mass Privatization in Bulgaria and its Immediate Aftermath," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 225-250, March. [Downloadable!] (restricted)
  6. Brian Pinto & Marek Belka & Stefan Krajewski, 1993. "Transforming State Enterprises in Poland: Evidence on Adjustment by Manufacturing Firms," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1993-1), pages 213-270. [Downloadable!]
  7. Anderson, James H & Lee, Young & Murrell, Peter, 2000. "Competition and Privatization Amidst Weak Institutions: Evidence from Mongolia," Economic Inquiry, Oxford University Press, vol. 38(4), pages 527-49, October.
  8. Maxim Boycko & Andrei Shleifer & Robert W. Vishny, 1993. "Privatizing Russia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1993-2), pages 139-192. [Downloadable!]
  9. Oli Havrylyshyn & Donal McGettigan, 1999. "Privatization in Transition Countries - A Sampling of the Literature," IMF Working Papers 99/6, International Monetary Fund.
  10. Aghion, Philippe & Blanchard, Olivier J & Carlin, Wendy, 1994. "The Economics of Enterprise Restructuring in Central and Eastern Europe," CEPR Discussion Papers 1058, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  11. Stanley Fischer & Ratna Sahay, 2000. "The Transition Economies After Ten Years," NBER Working Papers 7664, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Shackle, G L S, 1973. "Keynes and Today's Establishment in Economic Theory: A View," Journal of Economic Literature, American Economic Association, vol. 11(2), pages 516-19, June. [Downloadable!] (restricted)
  13. Serguey Braguinsky, 1998. "Democracy And Economic Reform: Theory And Some Evidence From The Russian Case," Contemporary Economic Policy, Western Economic Association International, vol. 16(2), pages 227-240, 04. [Downloadable!] (restricted)
  14. Simeon Djankov & Peter Murrell, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 739-792, September.
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  15. Yavlinsky Grigory & Braguinsky Serguey, 1994. "The Inefficiency of Laissez-Faire in Russia: Hysteresis Effects and the Need for Policy-Led Transformation," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 88-116, August. [Downloadable!] (restricted)
  16. Taylor Lance, 1994. "The Market Met Its Match: Lessons for the Future from the Transition's Initial Years," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 64-87, August. [Downloadable!] (restricted)
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