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Gradualism versus Big Bang: Speed and Sustainability of Reforms

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  • Shang-Jin Wei

Abstract

A beneficial reform may be blocked by a majority if it is implemented by a big bang but the same reform may succeed with an optimally designed gradualist approach. A gradualist approach can sometimes split opposition force and is, in this sense, more politically sustainable. On the other hand, if both approaches are politically preferred to no reform, a big bang is often preferred to gradualism in terms of both political support as well as economic efficiency.

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  • Shang-Jin Wei, 1997. "Gradualism versus Big Bang: Speed and Sustainability of Reforms," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 1234-1247, November.
  • Handle: RePEc:cje:issued:v:30:y:1997:i:4:p:1234-47
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