A post Keynesian critique of privatization policies in transition economies
The privatization policies implemented in transition economies were based on the neoclassical principles of economic thought. The neoclassical privatization policies contributed to the well-known results of a large reduction in output, high unemployment and inflation and a breakdown of institutional norms resulting in corruption and illegal activities. For the post Keynesians, there could have been a transition to a market economy without a substantial change in property ownership. This was because ownership, as such, was less important than competition, the incentive structure and the nature of regulatory policies. Consequently, post Keynesian policies of privatization would had resulted in a substantially smaller social cost of transition. Copyright © 2002 John Wiley & Sons, Ltd.
Volume (Year): 14 (2002)
Issue (Month): 5 ()
|Contact details of provider:|| Web page: http://www3.interscience.wiley.com/journal/5102/home|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David Dequech, 1999. "Expectations and Confidence under Uncertainty," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(3), pages 415-430, April.
- Jeffrey B. Miller & Stefan Petranov, 2000. "The First Wave of Mass Privatization in Bulgaria and its Immediate Aftermath," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 225-250, March.
- Stanley Fischer & Ratna Sahay, 2000. "The Transition Economies After Ten Years," IMF Working Papers 00/30, International Monetary Fund.
- Oleh Havrylyshyn & Donal McGettigan, 1999. "Privatization in Transition Countries; A Sampling of the Literature," IMF Working Papers 99/6, International Monetary Fund.
- D. Stark, 1996. "Recombinant Property in East European Capitalism," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
- Shackle, G L S, 1973. "Keynes and Today's Establishment in Economic Theory: A View," Journal of Economic Literature, American Economic Association, vol. 11(2), pages 516-19, June.
- Taylor Lance, 1994. "The Market Met Its Match: Lessons for the Future from the Transition's Initial Years," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 64-87, August.
- Guido Friebel, 2000. "Bureaucracies in the Russian Voucher Privatization," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 37-57, March.
- Paul Davidson, 1994. "Post Keynesian Macroeconomic Theory," Books, Edward Elgar Publishing, number 124, May.
- Ellman M., 1994. "Transformation, Depression, and Economics: Some Lessons," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 1-21, August.
- Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W., 1997.
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 0262522284, March.
- Serguey Braguinsky, 1998. "Democracy And Economic Reform: Theory And Some Evidence From The Russian Case," Contemporary Economic Policy, Western Economic Association International, vol. 16(2), pages 227-240, 04.
- Alexander Pivovarsky, 2001. "How Does Privatization Work? Ownership Concentration and Enterprise Performance in Ukraine," IMF Working Papers 01/42, International Monetary Fund.
- Horne, Jocelyn, 1995. "The Economics of Transition and the Transition of Economics," The Economic Record, The Economic Society of Australia, vol. 71(215), pages 379-92, December.
- Anderson, James H & Lee, Young & Murrell, Peter, 2000. "Competition and Privatization Amidst Weak Institutions: Evidence from Mongolia," Economic Inquiry, Western Economic Association International, vol. 38(4), pages 527-49, October.
- Simeon Djankov & Peter Murrell, 2002.
"Enterprise Restructuring in Transition: A Quantitative Survey,"
Journal of Economic Literature,
American Economic Association, vol. 40(3), pages 739-792, September.
- Djankov, Simeon & Murrell, Peter, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," CEPR Discussion Papers 3319, C.E.P.R. Discussion Papers.
- Kapstein, Ethan B. & Milanovic, Branko, 2000. "Dividing the spoils - pensions, privatization, and reform in Russia's transition," Policy Research Working Paper Series 2292, The World Bank.
- Yavlinsky Grigory & Braguinsky Serguey, 1994. "The Inefficiency of Laissez-Faire in Russia: Hysteresis Effects and the Need for Policy-Led Transformation," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 88-116, August.
- Wendy Carlin & John Van Reenen & Toby Wolfe, 1995. "Enterprise restructuring in early transition: the case study evidence from Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(4), pages 427-458, December.
- A Smith, 1996. "From convergence to fragmentation: uneven regional development, industrial restructuring, and the 'transition to capitalism' in Slovakia," Environment and Planning A, Pion Ltd, London, vol. 28(1), pages 135-156, January.
- Hyman P. Minsky, 1996.
"Uncertainty and the Institutional Structure of Capitalist Economies,"
Economics Working Paper Archive
wp_155, Levy Economics Institute.
- Hyman P. Minsky, 1998. "Uncertainty and the Institutional Structure of Capitalist Economies," Macroeconomics 9809015, EconWPA.
- Philip Arestis & Stephen P. Dunn & Malcolm Sawyer, 1999. "Post Keynesian Economics and Its Critics," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(4), pages 527-549, July.
- Aghion, Philippe & Blanchard, Olivier J & Carlin, Wendy, 1994. "The Economics of Enterprise Restructuring in Central and Eastern Europe," CEPR Discussion Papers 1058, C.E.P.R. Discussion Papers.
- John Marangos, 2001. "A Post Keynesian View of Transition to Market Capitalism: Developing a Civilized Society," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(2), pages 301-311, January.
- Stanley Fischer & Ratna Sahay, 2000. "The Transition Economies After Ten Years," NBER Working Papers 7664, National Bureau of Economic Research, Inc.
- Mark Setterfield, 1998. "Path Dependency and Animal Spirits: A Reply," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(1), pages 167-170, October.
- Kornai, J., 1991. "The Principles of Privatization in Eastern Europe," Harvard Institute of Economic Research Working Papers 1567, Harvard - Institute of Economic Research.
- Roman Frydman & Cheryl Gray & Marek Hessel & Andrzej Rapaczynski, 1999. "When Does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1153-1191.
- Koldko, Grzegorz W., 1999. "Ten years of post-socialist transition lessons for policy reform," Policy Research Working Paper Series 2095, The World Bank.
- Marko Lah & Andrej Sušjan, 1999. "Rationality of Transitional Consumers: A Post Keynesian View," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(4), pages 589-602, July.
- Guido Friebel, 1998. "Bureaucracies in the Russian Voucher Privatization," William Davidson Institute Working Papers Series 177, William Davidson Institute at the University of Michigan.
- Bortolotti, Bernardo & Fantini, Marcella & Siniscalco, Domenico, 2001. "Privatisation: politics, institutions, and financial markets," Emerging Markets Review, Elsevier, vol. 2(2), pages 109-137, June.
- Brian Pinto & Marek Belka & Stefan Krajewski, 1993. "Transforming State Enterprises in Poland: Evidence on Adjustment by Manufacturing Firms," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 213-270.
When requesting a correction, please mention this item's handle: RePEc:wly:jintdv:v:14:y:2002:i:5:p:573-589. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.