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The Political Economy of Transformation

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  • Ellman, Michael

Abstract

This article gives an analysis of the political economy of transformation which stresses the major achievements of some countries, the fact that the transformation is not yet over, the existence of both winners and losers, and the limitations of transition orthodoxy. Attention is paid to the implications of transformation up until now for social philosophy and the Washington Consensus. It is argued that among the surprises of transformation were the importance of a sound banking system, of a strong, but limited, state, and the fact that transformation is a long and difficult process. In addition, the initial stress on the need for rapid privatization turned out to be one-sided. More important for the resumption of economic growth is the development of new private firms. There are political dangers on the road ahead which, for the successful applicants, will be reduced by EU membership. Copyright 1997 by Oxford University Press.

Suggested Citation

  • Ellman, Michael, 1997. "The Political Economy of Transformation," Oxford Review of Economic Policy, Oxford University Press, vol. 13(2), pages 23-32, Summer.
  • Handle: RePEc:oup:oxford:v:13:y:1997:i:2:p:23-32
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    Cited by:

    1. Herzog, Bodo, 2006. "Coordination of fiscal and monetary policy in CIS-countries: A theory of optimum fiscal area?," Research in International Business and Finance, Elsevier, vol. 20(2), pages 256-274, June.
    2. Wladimir Andreff, 2004. "Would a Second Transition Stage Prolong the Initial Period of Post-socialist Economic Transformation into Market Capitalism?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 1(1), pages 7-31, June.
    3. Dirk Bezemer & Uwe Dulleck & Paul Frijters, 2003. "Socialism, Capitalism, and Transition - Coordination of Economic Relations and Output Performance," School of Economics and Finance Discussion Papers and Working Papers Series 168a, School of Economics and Finance, Queensland University of Technology.
    4. Natalia Letki & Mierina, I. (Inta), 2012. "GINI DP 45: The Power of Networks. Individual and Contextual Determinants of Mobilising Social Networks for Help," GINI Discussion Papers 45, AIAS, Amsterdam Institute for Advanced Labour Studies.
    5. Jaan Masso & K. Espenberg & Anu Masso & I. Mierina & Kaia Philips, 2013. "GINI Country Report: Growing Inequalities and their Impacts in the Baltic States Estonia, Latvia, Lithuania," GINI Country Reports baltics, AIAS, Amsterdam Institute for Advanced Labour Studies.

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