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Whence Reform? A Critique of the Stiglitz Perspective

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Listed:
  • M Dabrowski
  • Stanislaw Gomulka
  • J Rostowski

Abstract

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 polices 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.

Suggested Citation

  • M Dabrowski & Stanislaw Gomulka & J Rostowski, 2000. "Whence Reform? A Critique of the Stiglitz Perspective," CEP Discussion Papers dp0471, Centre for Economic Performance, LSE.
  • Handle: RePEc:cep:cepdps:dp0471
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    References listed on IDEAS

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    2. David Blanchflower & A Oswald, 1993. "Entrepreneurship," CEP Discussion Papers dp0134, Centre for Economic Performance, LSE.
    3. 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.
    4. 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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    Citations

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    Cited by:

    1. Gouret, Fabian, 2007. "Privatization and output behavior during the transition: Methods matter!," Journal of Comparative Economics, Elsevier, vol. 35(1), pages 3-34, March.
    2. Currie, Carolyn, 2005. "The need for a new theory of economic reform," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(4), pages 425-443, August.
    3. Bell, Brian & Nickell, Stephen & Quintini, Glenda, 2002. "Wage equations, wage curves and all that," Labour Economics, Elsevier, vol. 9(3), pages 341-360, July.
    4. Marek Dabrowski & Oleksandr Rohozynsky & Irina Sinitsina, 2004. "Post-Adaptation Growth Recovery in Poland and Russia - Similarities and Differences," CASE Network Studies and Analyses 0280, CASE-Center for Social and Economic Research.
    5. Marek Dabrowski & Artur Radziwill, 2007. "Regional vs. Global Public Goods: The Case of Post-Communist Transition," CASE Network Studies and Analyses 0336, CASE-Center for Social and Economic Research.
    6. Andrzej Cieslik & Lukasz Goczek, 2015. "On The Evolution Of Corruption Patterns In The Post-Communist Countries," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 10(1), pages 33-53, March.
    7. David Ellerman, 2002. "Russia : Thoughts on the Privatization Debates a Decade Later," World Bank Publications, The World Bank, number 19062.
    8. Scott Burd & Carolyn Currie, 2004. "Partnering with the Private Sector to Introduce New Physical, Human, and Social Capital - Isolating Criteria for Success," Working Paper Series 133, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    9. Carolyn Currie, 2005. "An Empirical Test of a New Theory of Economic Growth – The Relationship Between External Debt and Economic Development," Working Paper Series 144, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    10. Saul Estrin, 2002. "Competition and Corporate Governance in Transition," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 101-124, Winter.
    11. Kornai, János, 2000. "Tíz évvel a Röpirat angol kiadásának megjelenése után. A szerző önértékelése
      [Ten years after the English edition of `The Road to a Free Economy'. The author's self-evaluation]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 647-661.
    12. Burgess, Simon & Turon, Hélène, 2000. "Unemployment Dynamics, Duration and Equilibrium: Evidence from Britain," CEPR Discussion Papers 2490, C.E.P.R. Discussion Papers.
    13. Saul Estrin, 2001. "Competition and Corporate Governance in Transition," William Davidson Institute Working Papers Series 431, William Davidson Institute at the University of Michigan.
    14. Janos Kornai, 2001. "Ten Years after “The Road to a Free Economy”: Self-estimate of the Author," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 42-60.
    15. Marek Dabrowski & Radzislawa Gortat, 2002. "Political Determinants of Economic Reforms in Former Communist Countries," CASE Network Studies and Analyses 0242, CASE-Center for Social and Economic Research.
    16. Marek Dabrowski and Radzislawa Gortat, 2002. "Political and Economic Institutions, Growth and Poverty – Experience of Transition Countries," Human Development Occasional Papers (1992-2007) HDOCPA-2002-02, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).

    More about this item

    Keywords

    Transition from communism; capitalism; China; Russia; Joseph Stiglitz; clean slate policy; social capital;

    JEL classification:

    • N0 - Economic History - - General
    • J1 - Labor and Demographic Economics - - Demographic Economics

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