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Economic Inertia in the Transitional Economies of Eastern Europe

In: Collected Works of Domenico Mario Nuti, Volume I

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  • Domenico Mario Nuti

    (University of Rome)

Abstract

The restoration of capitalism, opened by the 1989 revolutions in Central and Eastern Europe and by the August 1991 coup/countercoup/revolution in the former Soviet Union, was expected to put those countries back onto the road to greater efficiency, technical progress, and prosperity. A “shock therapy” of price liberalisation, monetary and fiscal austerity, the opening of the economy to unrestricted free trade, and internal convertibility for residents, was understood to require initial sacrifices; however, thanks to stabilisation, privatisation and other economic and political reforms, these side effects would be short lived. In Poland, for instance, the government expected the Balcerowicz Programme to bring about a decline in national income of 5% in 1990, with a positive supply response already six months after the beginning of the Programme (Lipton and Sachs 1990). Western advisors and international organisations encouraged this expectation, in Poland and elsewhere (see Kolodko 1992a, Sect. 14.2, who reports their optimistic projections).

Suggested Citation

  • Domenico Mario Nuti, 2023. "Economic Inertia in the Transitional Economies of Eastern Europe," Studies in Economic Transition, in: Saul Estrin & Milica Uvalic (ed.), Collected Works of Domenico Mario Nuti, Volume I, chapter 14, pages 331-358, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-031-12334-4_14
    DOI: 10.1007/978-3-031-12334-4_14
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