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Microeconomic Issues in the Transition to a Market Economy

  • Jan Svejnar

The socialist system introduced microeconomic distortions that probably transcend those observed in the third world. The recent developments in Poland, Yugoslavia, and the Soviet Union also support the hypothesis that macro stabilization will be difficult to achieve in the transforming socialist economies in the absence of adequate micro adjustments. In this paper, I address what I consider to be the most important micro issues related to the transition from socialist to market economies. First I summarize the initial microeconomic conditions, covering labor, capital, and energy markets; the product markets, industrial organization, and trade; and the market for land and housing. Then, I describe the main changes that have taken place in the early stages of the transition. Finally, I discuss the micro policy agenda that needs to be addressed if the transition is to be successful

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.5.4.123
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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 5 (1991)
Issue (Month): 4 (Fall)
Pages: 123-138

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Handle: RePEc:aea:jecper:v:5:y:1991:i:4:p:123-38
Note: DOI: 10.1257/jep.5.4.123
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  1. Estrin, Saul & Jones, Derek C. & Svejnar, Jan, 1987. "The productivity effects of worker participation: Producer cooperatives in western economies," Journal of Comparative Economics, Elsevier, vol. 11(1), pages 40-61, March.
  2. Hare, Paul G & Hughes, Gordon, 1991. "Competitiveness and Industrial Restructuring in Czechoslovakia, Hungary and Poland," CEPR Discussion Papers 543, C.E.P.R. Discussion Papers.
  3. M Schaffer, 1991. "A Note in the Polish State-Owned Enterprise Sector in 1990," CEP Discussion Papers dp0036, Centre for Economic Performance, LSE.
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