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Creating Capitalism: Using Growth Models to Assess Transition

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  • Frank Wykoff

    (Pomona College)

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    Abstract

    Five generic reforms, price liberalization, property privatization, macroeconomic stabilization, microeconomic restructuring and trade liberalization, are integrated into both exogenous and endogenous growth models. This integration allows one to assess the implications of each reform for a representative consumer. If one assumes that in assessing a prospective reform each voter, given his unique characteristics and circumstances, acts as if he were the representative consumer, then this framework allows one to evaluate quantitatively the prospects of each reform for each distinct group. This model can be used to forecast how different voters, young-old, flexible-rigid, working-retired, taxpayer-transfer recipient, will respond to each proposal. This can in turn be used to determine the likelihood of success of a democratic polity in transition to capitalism.

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    Bibliographic Info

    Paper provided by Claremont Colleges in its series Claremont Colleges Working Papers with number 2001-16.

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    Date of creation: Jul 2001
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    Handle: RePEc:clm:clmeco:2001-16

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    Keywords: transition; reforms; exogenous growth models; endogenous growth models;

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    1. Gylfason, Thorvaldur, 1994. "Structural Adjustment, Efficiency, and Economic Growth," CEPR Discussion Papers 911, C.E.P.R. Discussion Papers.
    2. Rodrik, Rani, 1995. "Trade and industrial policy reform," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 45, pages 2925-2982 Elsevier.
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    9. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
    10. Greenwood, J. & Hercowitz, Z. & Krusell, P., 1996. "Long-Run Implications of Investment-Specific Technological Change," RCER Working Papers 420, University of Rochester - Center for Economic Research (RCER).
    11. Gilbert Ghez & Gary S. Becker, 1975. "The Allocation of Time and Goods over the Life Cycle," NBER Books, National Bureau of Economic Research, Inc, number ghez75-1, July.
    12. Bernard Saffran, 1998. "Recommendations for Further Reading," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 229-236, Winter.
    13. Weitzman, Martin L., 1998. "Recombinant Growth," Scholarly Articles 3708468, Harvard University Department of Economics.
    14. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 495-525, May.
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