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Was Shock Therapy Consistent with Democracy?

Listed author(s):
  • John Marangos

The transition process in Russia and Eastern Europe was dominated in the literature and in policy making by the shock therapy process. However, shock therapy was short-lived. Governments that implemented shock therapy were not able to sustain the reform program since they lost power after the first term as a result of unfavourable electoral results. The new governments implemented gradualism. While after the first term shock therapy governments were substituted by gradualists, a government in favour of shock therapy never substitute any gradualist governments. The aim of the paper is to demonstrate that shock therapy was inconsistent with a democratic process of decision-making. Actually shock therapy was only consistent with a pluralistic political structure in the tradition of Hayek, Buchanan and Friedman. Foreign aid was inadequate to ensure the continuation of the shock therapy reforms within a democratic environment.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00346760410001684451
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Article provided by Taylor & Francis Journals in its journal Review of Social Economy.

Volume (Year): 62 (2004)
Issue (Month): 2 ()
Pages: 221-243

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Handle: RePEc:taf:rsocec:v:62:y:2004:i:2:p:221-243
DOI: 10.1080/00346760410001684451
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  1. Ortuna-Ortin, I. & Roemer, J.E. & Silvestre, J., 1990. "Market Socialism," Papers 355, California Davis - Institute of Governmental Affairs.
  2. Olivier Jean Blanchard & Maxim Boycko & Marek Dabrowski & Rudiger Dornbusch & Richard Layard & Andrei Shleifer, 1993. "Post-Communist Reform: Pain and Progress," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262023628, July.
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