Gradualism (Institutions Building) And Radicalism In Economics: Reality Versus Ideology Or History Versus Illusion -The Case Of Not Only B&H
Today, the shock therapist have retreated, given the havoc that many feel they wreaked in Russia,but not only in Russia (see Solzenjicin). Bagwaty (2004) reminds us on Keynes work in 1933 of the danger of haste, citing the ironically enough the example of Russia moving towards socialism..." The economic transition of a society is a thing to be accomplished slowly... We have a fearful example in Russia today of the evils of insane and unnecessary hate. The sacrifices and losses of transition will be vastly greater if the pace is forced...For it is of nature of economic processes to be rooted in time. A rapid transition will involve so much pure destruction of wealth that the new state of affairs will be, at first, worse than the old, and the grand experiment will be discredited " In this paper we deliberate on topic gradualism versus radicalism pointing out several historical cases, and B&H transition in particular. We point out that the choice between speed (radicalism) and wisdoms (gradualism) is determined more bay the ideology and interest of dominant parties in the world economy than by the state of economic knowledge.
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- Jagdish N. Bhagwati, 2004. "In Defense of Globalization: It Has a Human Face," Rivista di Politica Economica, SIPI Spa, vol. 94(6), pages 9-20, November-.
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