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The need for a new theory of economic reform

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  • Currie, Carolyn

Abstract

The recent debate between Dabrowski, Gomulka and Rostowski, (2001) and Stiglitz and Ellerman (2001) as to key fators determining the success or failure of policies of liberalisation and privatization, illustrates the need for a concise theoretical foundation as to how, when and where policies that change underlying economic structures can be applied. This paper outlines such a model, which is based on the perception of gradations in the process of development, and that the introduction of new ownership structures, market mechanisms and financing techniques are not necessarily solutions without providing for changes in economic, societal and legal infrastructures.
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Suggested Citation

  • Currie, Carolyn, 2005. "The need for a new theory of economic reform," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(4), pages 425-443, August.
    • Handle: RePEc:eee:soceco:v:34:y:2005:i:4:p:425-443
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    References listed on IDEAS

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    1. Gauche, Jerry N., 1998. "Binary economic modes for the privatization of public assets," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 27(3), pages 445-459.
    2. Marek Dabrowski & Stanislaw Gomulka & Jacek Rostowski, 2001. "Whence reform? A critique of the stiglitz perspective," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 4(4), pages 291-324.
    3. Ashford, Robert, 1996. "Louis Kelso's binary economy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 25(1), pages 1-53.
    4. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    5. J. Stiglitz, 1999. "Whither Reform? Ten Years of the Transition," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 7.
    6. Carolyn Currie, 1998. "Reform Of The Australian Financial System: Will The Wallis Proposals Jeopardise Systemic Stability?," Economic Papers, The Economic Society of Australia, vol. 17(3), pages 1-17, September.
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    Cited by:

    1. James Stanfield & Michael Carroll, 2009. "The Social Economics of Neoliberal Globalization," Forum for Social Economics, Springer;The Association for Social Economics, vol. 38(1), pages 1-18, April.
    2. AlHussaini, Wissam & Molz, Rick, 2009. "A post-Keynesian regulatory model of privatization," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(2), pages 391-398, March.
    3. Hug March & David Saurí, 2013. "The Unintended Consequences of Ecological Modernization: Debt-Induced Reconfiguration of the Water Cycle in Barcelona," Environment and Planning A, , vol. 45(9), pages 2064-2083, September.
    4. Scott Burd & Carolyn Currie, 2004. "Partnering with the Private Sector to Introduce New Physical, Human, and Social Capital - Isolating Criteria for Success," Working Paper Series 133, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    5. James Stanfield & Michael Carroll, 2009. "The Social Economics of Neoliberal Globalization," Forum for Social Economics, Taylor & Francis Journals, vol. 38(1), pages 1-18, January.
    6. Natasha Trajkova Najdovska & Monika Angeloska Dichovska, 2017. "Stylized Economic Facts Of Transition," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 6, pages 4-17, December.

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    More about this item

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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