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The transition of China and Ussr: A political economy perspective

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  • Digdowiseiso, Kumba
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    Abstract

    This paper will focus on how the transition in China differs from that of USSR in terms of the Big Bang (shock therapy) and the Gradualist approach. While many econometric studies show that nations which apply both shock therapy and or gradualism end up at the same point, making the debate unnecessary, the author believes that gradualism was far more successfully implemented than the latter. When reforming the structure of the economy, it has to be remembered that a market based solution is a means not an end and it is more important “getting it right” than transitioning as fast as possible to ensure a level of playing field and long term sustainable growth.

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    File URL: http://mpra.ub.uni-muenchen.de/22561/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22561.

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    Date of creation: 04 May 2010
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    Handle: RePEc:pra:mprapa:22561

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    Keywords: Transition; Reform; Economics; Politics;

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    1. Vladimir Popov, 2000. "Shock Therapy Versus Gradualism: The End Of The Debate (Explaining The Magnitude Of Transformational Recession)," Comparative Economic Studies, Palgrave Macmillan, vol. 42(1), pages 1-57, April.
    2. Vivek H. Dehejia, 2003. "Will Gradualism Work When Shock Therapy Doesn"t?," Economics and Politics, Wiley Blackwell, Wiley Blackwell, vol. 15(1), pages 33-59, March.
    3. Mariano Tommasi, 1995. "Where are we in the Political Economy of Reform?," UCLA Economics Working Papers, UCLA Department of Economics 733, UCLA Department of Economics.
    4. Gatsios, Konstantine, 1992. "Privatization in Hungary: Past, Present and Future," CEPR Discussion Papers, C.E.P.R. Discussion Papers 642, C.E.P.R. Discussion Papers.
    5. Wijnbergen, S. van, 1991. "Intertemporal Speculation, Shortages and the Political Economy of Price Reform," Discussion Paper, Tilburg University, Center for Economic Research 1991-49, Tilburg University, Center for Economic Research.
    6. Rodrik, Dani, 1990. "How should structural adjustment programs be designed?," World Development, Elsevier, Elsevier, vol. 18(7), pages 933-947, July.
    7. Karla Hoff & Joseph E. Stiglitz, 2002. "After the Big Bang? Obstacles to the emergence of the rule of law in post-communist societies," Discussion Papers, Columbia University, Department of Economics 0203-03, Columbia University, Department of Economics.
    8. Gary Krueger, 1993. "Goszakazy and the Soviet Economic Collapse," Comparative Economic Studies, Palgrave Macmillan, vol. 35(3), pages 1-18, September.
    9. Gerard Roland, 1994. "The role of political constraints in transition strategies," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 2(1), pages 27-41, 03.
    10. Richard Pomfret, 1998. "Agrarian Reform in Uzbekistan: Why Has the Chinese Model Failed to Deliver?," School of Economics Working Papers, University of Adelaide, School of Economics 1998-16, University of Adelaide, School of Economics.
    11. Shang-Jin Wei, 1997. "Gradualism versus Big Bang: Speed and Sustainability of Reforms," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 30(4), pages 1234-47, November.
    12. Roland, G. & Verdier, T., 1991. "Privatization in Eastern Europe: Irreversibility and Critical Mass Effects," DELTA Working Papers, DELTA (Ecole normale supérieure) 91-21, DELTA (Ecole normale supérieure).
    13. Sonin, Konstantin, 1999. "Inequality, Property Rights Protection, and Economic Growth in Transition Economies: Theory and Russian Evidence," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2300, C.E.P.R. Discussion Papers.
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