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The Economic Transition of Czechoslovakia from Plan to Market

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  • Josef C. Brada

Abstract

The Communist government of Czechoslovakia was ousted in the so-called Velvet Revolution of November 1989, and the new regime adopted as its goal the transformation of the economy to one based on markets and private property, and also one more dynamic and productive than its predecessor. This unprecedented transformation poses a variety of intellectual, political and economic questions. At the same time that the economic system is being transformed, the government must also ensure that the hybrid economy that exists during the transition functions sufficiently well to maintain adequate living standards and to sustain political support for the reform process. In this paper, I examine the economic and intellectual legacies that have shaped the transition process in Czechoslovakia, describe the system changes implemented or contemplated for the near future, and briefly comment on macroeconomic performance.

Suggested Citation

  • Josef C. Brada, 1991. "The Economic Transition of Czechoslovakia from Plan to Market," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 171-177, Fall.
  • Handle: RePEc:aea:jecper:v:5:y:1991:i:4:p:171-77
    Note: DOI: 10.1257/jep.5.4.171
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.5.4.171
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    References listed on IDEAS

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    1. Brada, Josef C, 1989. "Technological Progress and Factor Utilization in Eastern European Economic Growth," Economica, London School of Economics and Political Science, vol. 56(224), pages 433-448, November.
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    Cited by:

    1. Lin, Justin Yifu, 2003. "Development Strategy, Viability, and Economic Convergence," Economic Development and Cultural Change, University of Chicago Press, vol. 51(2), pages 276-308, January.
    2. Prashant Bharadwaj & James Fenske, 2011. "Partition, Migration, and Jute Cultivation in India," Journal of Development Studies, Taylor & Francis Journals, vol. 48(8), pages 1084-1107, January.
    3. Judy Day & Peter Taylor, 2004. "Institutional Change and Debt-based Corporate Governance: A Comparative Analysis of Four Transition Economies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 8(1), pages 73-115, March.
    4. Judy Day & Peter Taylor, 2010. "Trajectories of accounting and auditing development in EU enlargement: comparative analysis of ten new member states," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 14(4), pages 313-350, November.
    5. Justin Yifu Lin & Fang Cai & Zhou Li, 1994. "China's economic reforms : pointers for other economies in transition?," Policy Research Working Paper Series 1310, The World Bank.

    More about this item

    JEL classification:

    • P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform

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