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Market Alternative to State Activism in Restoring the Capitalist Economy

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  • Poznanski, Kazimierz

Abstract

The theory of economic transition is concerned less with the end product of building a capitalist economy than with intermediate solutions and the appropriate pace of institutional change. This article advances theoretical arguments on the advantages of a self-grown, evolutionary restoration of the capitalist economy in Eastern Europe or any country abandoning the socialist experiment. This article develops the point that of the two basic methods of setting up an economic order--the state or a market-type mechanism--only the latter can assure the emergence of a genuine, complete market. Further, it suggests that markets with self-interested individual actors at the center are not only superior to states in the allocation of scarce resources, be they economic or political, but are also the best vehicle for institution building. Copyright 1992 by Kluwer Academic Publishers

Suggested Citation

  • Poznanski, Kazimierz, 1992. "Market Alternative to State Activism in Restoring the Capitalist Economy," Economic Change and Restructuring, Springer, vol. 25(1), pages 55-77.
    • Handle: RePEc:kap:ecopln:v:25:y:1992:i:1:p:55-77
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    Cited by:

    1. Sustersic, Janez, 2009. "Endogenous gradualism and the Slovenian puzzle," China Economic Review, Elsevier, vol. 20(2), pages 265-274, June.
    2. Holger Schmieding, 1993. "From plan to market: On the nature of the transformation crisis," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 129(2), pages 216-253, June.

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