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Modelling The Evolution Of Real Gdp Per Capita During The Transition From A Socialist To Capitalist Economic System

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  • Ivan O. KITOV

Abstract

The transition of former socialist countries to capitalist economic system is modelled. The transition is entirely defined by three empirical parameters and the model describes only the evolution of real GDP per capita since the start of the disintegration of socialism. It is found that the transition has practically finished in many Central and Eastern European countries and their economic evolution is driven by forces associated with capitalist system. In the long run, the future evolution of the former socialist countries has to follow the same path as observed in other developed countries in the past. Even in the case of perfect economic performance, the studied countries will never catch up the most advanced countries. In Russia and some countries of the Former Soviet Union, the transition process has not been completed.

Suggested Citation

  • Ivan O. KITOV, 2009. "Modelling The Evolution Of Real Gdp Per Capita During The Transition From A Socialist To Capitalist Economic System," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 4(4(10)_Win), pages 526-548.
  • Handle: RePEc:ush:jaessh:v:4:y:2009:i:4(10)_winter2009:p:84
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    References listed on IDEAS

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    1. Biegelbauer, Peter, 1996. "Realizing Hungary's Potential - The Country's Industrial R&D System in Transition," East European Series 32, Institute for Advanced Studies.
    2. J. Barkley Rosser, Jr. & Marina Vcherashnaya Rosser, 2004. "Complex Dynamics of Macroeconomic Collapse and Its Aftermath in Transition Economies," Eastern Economic Journal, Eastern Economic Association, vol. 30(2), pages 207-221, Spring.
    3. Brada, Josef C & King, Arthur E, 1992. "Is There a J-Curve for the Economic Transition from Socialism to Capitalism?," Economic Change and Restructuring, Springer, vol. 25(1), pages 37-53.
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    More about this item

    Keywords

    socialism; capitalism; transition; economic modelling; GDP per capita;

    JEL classification:

    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • P10 - Economic Systems - - Capitalist Systems - - - General
    • P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects

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