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Whence reform? A critique of the stiglitz perspective

  • Marek Dabrowski
  • Stanislaw Gomulka
  • Jacek Rostowski

This paper discusses the key hypotheses which Joseph Stiglitz proposed, in his wide-ranging critique of the “Washington Consensus”, with regard to transition reforms and economic policies in China and Russia. The primary purpose is to evaluate the Stiglitz perspective in the light of empirical evidence, including the experience of countries outside China and Russia. Although some of the points Stiglitz makes are important for understanding what has happened in the transition, this paper argues that his perspective mis-interprets the key facts of the Chinese transition, mis-describes the facts of the Russian transition and fails to consider the theoretical and policy implications of the success of a “third model”, which is represented by some Central European and Baltic transitions.

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Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

Volume (Year): 4 (2001)
Issue (Month): 4 ()
Pages: 291-324

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Handle: RePEc:taf:jpolrf:v:4:y:2001:i:4:p:291-324
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  1. Stephen Nickell & Luca Nunziata, 2000. "Employment Patterns in OECD Countries," CEP Discussion Papers dp0448, Centre for Economic Performance, LSE.
  2. Gomulka, Stanislow, 1977. "Slowdown in Soviet industrial growth : 1947-1975 reconsidered," European Economic Review, Elsevier, vol. 10(1), pages 37-49.
  3. Stanislaw Gomulka, 1998. "The Polish model of transformation and growth," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 6(1), pages 163-171, 05.
  4. Mark De Broeck & Vincent Koen, 2001. "The “Soaring Eagle”: Anatomy of the Polish Take-Off in the 1990s," Comparative Economic Studies, Palgrave Macmillan, vol. 43(2), pages 1-33, July.
  5. Stanislaw Gomulka, 1995. "The IMF-Supported Programs of Poland and Russia, 1990-1994: Principles, Errors and Results," CASE Network Studies and Analyses 0036, CASE-Center for Social and Economic Research.
  6. Estrin, Saul & Wright, Mike, 1999. "Corporate Governance in the Former Soviet Union: An Overview," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 398-421, September.
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  1. 1993年俄罗斯宪政危机 in Wikipedia Chinese ne '')
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