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After the Honeymoon: On the Economics and the Politics of Economic Transformation

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Author Info
Wyplosz, Charles

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Abstract

This paper focuses on the obvious: Pareto-improving programmes may fail to improve everyone's lot. Politically, it has often been interpreted as a requirement that a majority should benefit from the change. Events in Central and Eastern Europe suggest otherwise and cast doubt on the relevance of the median-voter theorem. The addition of minority discontents may result in major political difficulties that lead governments to avoid actions that generate strong minority objections. As a result, the technically best-crafted plans may be rejected for political reasons. In addition, reform programmes which are ex ante politically acceptable may well become rejected ex post after they are implemented. One solution is to introduce a heavy dose of egalitarian income distribution, even if it runs against labour supply incentives.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 734.

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Date of creation: Nov 1992
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Handle: RePEc:cpr:ceprdp:734

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Related research
Keywords: Economic Reform; Political Equilibrium;

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Find related papers by JEL classification:
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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  1. Cecilia Testa, 2001. "Reform, Lobbies and Welfare: A Common Agency Approach," Royal Holloway, University of London: Discussion Papers in Economics 01/6, Department of Economics, Royal Holloway University of London, revised Dec 2001. [Downloadable!]
    Other versions:
  2. Byung-Yeon Kim & Jukka Pirttilä, 2003. "The political economy of reforms: Empirical evidence from post- communist transition in the 1990s," Macroeconomics 0304009, EconWPA. [Downloadable!]
    Other versions:
  3. Jan Winiecki, 2000. "Solving Foreign Trade Puzzles in Post-Communist Transition," Post-Communist Economies, Taylor and Francis Journals, vol. 12(3), pages 261-278, September. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

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