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Whence Reform? A Critique of the Stiglitz Perspective

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Author Info
M Dabrowski
S Gomulka
J Rostowski

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Abstract

This paper discusses the key hypotheses which Joseph Stiglitz proposed, in his wide-ranging critique of the ‘Washington Consensus’, with regard to transition reforms and economic polices in China and Russia. The primary purpose is to evaluate the Stiglitz perspective in the light of empirical evidence, including the experience of countries outside China and Russia. Although some of the points Stiglitz makes are important for understanding what has happened in the transition, this paper argues that his perspective mis-interprets the key facts of the Chinese transition, mis-describes the facts of the Russian transition and fails to consider the theoretical and policy implications of the success of a “third model”, which is represented by some Central European and Baltic transitions.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number 0471.

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Date of creation: Sep 2000
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Handle: RePEc:cep:cepdps:0471

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Keywords: Transition from communism capitalism China Russia Joseph Stiglitz 'clean slate' policy social capital

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. R Portes & H Rey, 2000. "The Determinants Of Cross-Border Equity Flows," CEP Discussion Papers 0446, Centre for Economic Performance, LSE. [Downloadable!]
    Other versions:
  2. F Green & A Felstead & D Gallie, 2000. "Computers are even more important than you thought: An Analysis of the changing skill-intensity of jobs," CEP Discussion Papers 0439, Centre for Economic Performance, LSE.
  3. H Lehmann & J Wadsworth, 2000. "Tenures that Shook the World: Worker Turnover in Russia, Poland and Britain," CEP Discussion Papers 0459, Centre for Economic Performance, LSE. [Downloadable!]
    Other versions:
  4. Buiter, Willem H, 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers 2366, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  5. Martin, Philippe & Rey, Hélène, 1999. "Financial Super-Markets: Size Matters for Asset Trade," CEPR Discussion Papers 2232, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. W. H. Buiter, 2000. "Monetary Misconceptions," CEP Discussion Papers 0469, Centre for Economic Performance, LSE. [Downloadable!]
  7. G Duranton & D Puga, 2000. "Nursery Cities: Urban Diversity, Process Innovation and the Life-Cycle of Products," CEP Discussion Papers 0445, Centre for Economic Performance, LSE. [Downloadable!]
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  8. Manning, Alan, 2001. "Labour supply, search and taxes," Journal of Public Economics, Elsevier, vol. 80(3), pages 409-434, June. [Downloadable!] (restricted)
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  9. Martin, Philippe & Rey, H., 2000. "Financial integration and asset returns," European Economic Review, Elsevier, vol. 44(7), pages 1327-1350, June. [Downloadable!] (restricted)
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  10. S Nickell & L Nunziata, 2000. "Employment Patterns in OECD Countries," CEP Discussion Papers 0448, Centre for Economic Performance, LSE. [Downloadable!]
  11. Rachel Griffith & Stephen Redding & John Van Reenen, 2000. "Mapping the two faces of R&D: productivity growth in a panel of OECD industries," IFS Working Papers W00/02, Institute for Fiscal Studies. [Downloadable!]
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  12. P. B. Kenen, 2000. "Currency Areas, Policy Domains, and the Institutionalization of Fixed Exchange Rates," CEP Discussion Papers 0467, Centre for Economic Performance, LSE. [Downloadable!]
  13. H Gospel & G Lockwood & P Willman, 2000. "The Right to Know: Disclosure of Information for Collective Bargaining and Joint Consultation," CEP Discussion Papers 0453, Centre for Economic Performance, LSE. [Downloadable!]
  14. J.P. Neary, 2000. "R&D in Developing Countries: What Should Governments Do?," CEP Discussion Papers 0464, Centre for Economic Performance, LSE. [Downloadable!]
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  15. B Petrongolo & C A Pissarides, 2000. "Looking Into the Black Box: A Survey of the Matching Function," CEP Discussion Papers 0470, Centre for Economic Performance, LSE. [Downloadable!]
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Saul Estrin, 2002. "Competition and Corporate Governance in Transition," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 101-124, Winter. [Downloadable!] (restricted)
  2. Alan Manning, 2001. "A Generalised Model of Monopsony," CEP Discussion Papers 0499, Centre for Economic Performance, LSE. [Downloadable!]
    Other versions:
  3. Carolyn Currie, 2005. "An Empirical Test of a New Theory of Economic Growth ? The Relationship Between External Debt and Economic Development," Working Paper Series 144, School of Finance and Economics, University of Technology, Sydney. [Downloadable!]
    Other versions:
  4. M M Tudela, 2001. "Explaining Currency Crises: A Duration Model Approach," CEP Discussion Papers 0487, Centre for Economic Performance, LSE. [Downloadable!]
  5. C Dougherty, 2000. "Numeracy, Literacy and Earnings: Evidence from the National Longitudinal Survey of Youth," CEP Discussion Papers 0478, Centre for Economic Performance, LSE. [Downloadable!]
  6. H G Overman, 2000. "Neighbourhood Effects in Small Neighbourhoods," CEP Discussion Papers 0481, Centre for Economic Performance, LSE. [Downloadable!]
  7. S Gomulka, 2000. "Pension Problems and Reforms in the Czech Republic, Hungary, Poland and Romania," CEP Discussion Papers 0480, Centre for Economic Performance, LSE. [Downloadable!]
  8. Stephen Nickell & Glenda Quintini, 2001. "Nominal Wage Rigidity and the Rate of Inflation," CEP Discussion Papers 0489, Centre for Economic Performance, LSE. [Downloadable!]
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  9. Saul Estrin, 2001. "Competition and Corporate Governance in Transition," William Davidson Institute Working Papers Series 431, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  10. S Nickell & T Jones & G Quintini, 2000. "A Picture of Job Insecurity Facing British Men," CEP Discussion Papers 0479, Centre for Economic Performance, LSE. [Downloadable!]
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  11. G Duranton & V Monastiriotis, 2000. "Mind the Gaps: the Evolution of Regional Inequalities in the UK, 1982-1997," CEP Discussion Papers 0485, Centre for Economic Performance, LSE. [Downloadable!]
  12. Adriana Di Liberto & James Symons, 2001. "Education and Italian Regional Development," CEP Discussion Papers 0496, Centre for Economic Performance, LSE. [Downloadable!]
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  13. D Marsden & S French & K Kubo, 2000. "Why Does Performance Pay De-Motivate: Financial Incentives versus Perfrormance Appraisal," CEP Discussion Papers 0476, Centre for Economic Performance, LSE. [Downloadable!]
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