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Complex Dynamics of Macroeconomic Collapse and Its Aftermath in Transition Economies

Author

Listed:
  • J. Barkley Rosser, Jr.

    () (Program in Economics, James Madison University)

  • Marina Vcherashnaya Rosser

    (James Madison University)

Abstract

The economic transition from planned command socialism to market capitalism has been unpredictable and complicated with a variety of divergent paths and outcomes emerging from the breakup and collapse of the former Soviet-led Council for Mutual Economic Assistance (CMEA) bloc. Although social, political, and cultural factors played important roles in the actual collapse, an underlying factor was increasing economic stagnation, especially in the USSR. This led to reform efforts that led to actual economic decline, the breakup of the bloc, and systemic collapse [Rosser and Rosser, 199Va]. The unexpected and dramatically sudden nature of this collapse led Sargent [1993] to doubt the rational expectations hypothesis. In this paper we seek to partially explicate the varieties of these episodes of discontinuity and turbulence by considering some forms of complex nonlinear dynamics as applied to the stages of the systemic transition process.

Suggested Citation

  • J. Barkley Rosser, Jr. & Marina Vcherashnaya Rosser, 2004. "Complex Dynamics of Macroeconomic Collapse and Its Aftermath in Transition Economies," Eastern Economic Journal, Eastern Economic Association, vol. 30(2), pages 207-221, Spring.
  • Handle: RePEc:eej:eeconj:v:30:y:2004:i:2:p:207-221
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume30/V30N2P207_221.pdf
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    Cited by:

    1. Kitov, Ivan, 2009. "From socialism to capitalism: 1989-2007," MPRA Paper 14914, University Library of Munich, Germany.
    2. Ivan O. KITOV, 2009. "Modelling The Evolution Of Real Gdp Per Capita During The Transition From A Socialist To Capitalist Economic System," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 4(4(10)_Win), pages 526-548.

    More about this item

    Keywords

    Macroeconomics; Transitional Economies;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E26 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Informal Economy; Underground Economy
    • P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation

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