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Whence Reform? A Critique of the Stiglitz Perspective

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  • M Dabrowski
  • Stanislaw Gomulka
  • J Rostowski

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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Bibliographic Info

Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0471.

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Date of creation: Sep 2000
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Handle: RePEc:cep:cepdps:dp0471

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

Related research

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

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References

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  1. Estrin, Saul & Wright, Mike, 1999. "Corporate Governance in the Former Soviet Union: An Overview," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 398-421, September.
  2. Stanislaw Gomulka, 1995. "The IMF-Supported Programs of Poland and Russia, 1990-1994: Principles, Errors and Results," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0036, CASE-Center for Social and Economic Research.
  3. Gomulka, Stanislow, 1977. "Slowdown in Soviet industrial growth : 1947-1975 reconsidered," European Economic Review, Elsevier, vol. 10(1), pages 37-49.
  4. Stanislaw Gomulka, 1998. "The Polish model of transformation and growth," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 6(1), pages 163-171, 05.
  5. Stephen Nickell & Luca Nunziata, 2000. "Employment Patterns in OECD Countries," CEP Discussion Papers dp0448, Centre for Economic Performance, LSE.
  6. Mark De Broeck & Vincent Koen, 2001. "The “Soaring Eagle”: Anatomy of the Polish Take-Off in the 1990s," Comparative Economic Studies, Palgrave Macmillan, vol. 43(2), pages 1-33, July.
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Citations

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Cited by:
  1. Carolyn Currie, 2003. "The Need for a New Theory of Economic Reform," Working Paper Series, Finance Discipline Group, UTS Business School, University of Technology, Sydney 131, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
  2. Marek Dabrowski & Radzislawa Gortat, 2002. "Political Determinants of Economic Reforms in Former Communist Countries," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0242, CASE-Center for Social and Economic Research.
  3. B Bell & Stephen Nickell & Glenda Quintini, 2000. "Wage Equations, Wage Curves and All That," CEP Discussion Papers dp0472, Centre for Economic Performance, LSE.
  4. Marek Dabrowski and Radzislawa Gortat, 2002. "Political and Economic Institutions, Growth and Poverty – Experience of Transition Countries," Human Development Occasional Papers (1992-2007) HDOCPA-2002-02, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).
  5. David Ellerman, 2002. "Russia : Thoughts on the Privatization Debates a Decade Later," World Bank Publications, The World Bank, number 19062.
  6. Saul Estrin, 2001. "Competition and Corporate Governance in Transition," William Davidson Institute Working Papers Series 431, William Davidson Institute at the University of Michigan.
  7. Janos Kornai, 2001. "Ten Years after “The Road to a Free Economy”: Self-estimate of the Author," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 42-60.
  8. Marek Dabrowski & Oleksandr Rohozynsky & Irina Sinitsina, 2004. "Post-Adaptation Growth Recovery in Poland and Russia - Similarities and Differences," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0280, CASE-Center for Social and Economic Research.
  9. Simon Burgess & Helene Turon, 2000. "Unemployment dynamics, duration and equilibrium: evidence from Britain," LSE Research Online Documents on Economics 20162, London School of Economics and Political Science, LSE Library.
  10. Carolyn Currie, 2005. "An Empirical Test of a New Theory of Economic Growth – The Relationship Between External Debt and Economic Development," Working Paper Series, Finance Discipline Group, UTS Business School, University of Technology, Sydney 144, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
  11. Marek Dabrowski & Artur Radziwill, 2007. "Regional vs. Global Public Goods: The Case of Post-Communist Transition," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0336, CASE-Center for Social and Economic Research.
  12. Gouret, Fabian, 2007. "Privatization and output behavior during the transition: Methods matter!," Journal of Comparative Economics, Elsevier, vol. 35(1), pages 3-34, March.
  13. Kornai, János, 2000. "Tíz évvel a Röpirat angol kiadásának megjelenése után. A szerző önértékelése
    [Ten years after the English edition of `The Road to a Free Economy'. The author's self-evaluation]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 647-661.
  14. Saul Estrin, 2002. "Competition and Corporate Governance in Transition," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 101-124, Winter.

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  1. 1993年俄罗斯宪政危机 in Wikipedia Chinese ne '')
  2. 1993 Russian constitutional crisis in Wikipedia English ne '')

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