Whence Reform? A Critique of the Stiglitz Perspective
AbstractThis 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 InfoPaper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0471.
Date of creation: Sep 2000
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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP
Transition from communism; capitalism; China; Russia; Joseph Stiglitz; clean slate policy; social capital;
Other versions of this item:
- Marek Dabrowski & Stanislaw Gomulka & Jacek Rostowski, 2001. "Whence reform? A critique of the stiglitz perspective," Journal of Policy Reform, Taylor and Francis Journals, vol. 4(4), pages 291-324.
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