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На Пути К Новой Теории Реформ
[Towards a New Theory of Reform]

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  • Polterovich, Victor

Abstract

Recent studies of processes of economic reforms testified that realization of liberal school recipes resulted in nonadequate losses. Basing on these studies,the author singles out a number of fundamental mistakes of the neoliberal conception. The neoliberals ignored costs of institutional transformations; they thought that creation of the market law framework was sufficient to form efficient institutions; they overestimated the role of macroeconomic policy to the detriment of institutional development; they did not consider possibilities of "institutional conflicts" as a result of institutional borrowing from other cultures; they did not take into account that efficient state is necessary for reforms to be successful. The theory of transition economies is now itself in transition to a new understanding of goals, possibilities, and technologies of reforms. Using the analysis conducted, the author outlines the most important directions of necessary transformations of Russian economic institutions.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22035.

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Date of creation: 1999
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Handle: RePEc:pra:mprapa:22035

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Related research

Keywords: transformation costs; rent revenue; transplantation of institutions; privatization; government effectiveness;

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References

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  1. Tirole, Jean, 1996. "A Theory of Collective Reputations (with Applications to the Persistence of Corruption and to Firm Quality)," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 63(1), pages 1-22, January.
  2. Verdier, Thierry, 1994. "Models of political economy of growth: A short survey," European Economic Review, Elsevier, Elsevier, vol. 38(3-4), pages 757-763, April.
  3. Polterovich, Victor, 1995. "Towards the Theory of Privatization," MPRA Paper 20151, University Library of Munich, Germany.
  4. Corbett, Jenny & Mayer, Colin, 1991. "Financial Reform in Eastern Europe: Progress with the Wrong Model," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 7(4), pages 57-75, Winter.
  5. Cazes, Bernard, 1990. "Indicative planning in France," Journal of Comparative Economics, Elsevier, vol. 14(4), pages 607-620, December.
  6. de Melo, Martha & Denizer, Cevdet & Gelb, Alan & Tenev, Stoyan, 1997. "Circumstance and choice : the role of initial conditions and policies in transition economies," Policy Research Working Paper Series, The World Bank 1866, The World Bank.
  7. Pranab Bardhan, 1997. "Corruption and Development: A Review of Issues," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 35(3), pages 1320-1346, September.
  8. Kornai Janos, 1994. "Transformational Recession: The Main Causes," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 39-63, August.
  9. Lui, Francis T., 1986. "A dynamic model of corruption deterrence," Journal of Public Economics, Elsevier, Elsevier, vol. 31(2), pages 215-236, November.
  10. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 34(1), pages 9-41, March.
  11. Sato, Kazuo, 1990. "Indicative planning in Japan," Journal of Comparative Economics, Elsevier, vol. 14(4), pages 625-647, December.
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Cited by:
  1. Ageeva Svetlana & Suslov Nikita, 2005. "Energy Consumption and GDP in Market and Transitional Economies," EERC Working Paper Series 05-05e, EERC Research Network, Russia and CIS.

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