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Creating Capitalism: Using Growth Models to Assess Transition

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  • Frank Wykoff

    (Pomona College)

Abstract

Five generic reforms, price liberalization, property privatization, macroeconomic stabilization, microeconomic restructuring and trade liberalization, are integrated into both exogenous and endogenous growth models. This integration allows one to assess the implications of each reform for a representative consumer. If one assumes that in assessing a prospective reform each voter, given his unique characteristics and circumstances, acts as if he were the representative consumer, then this framework allows one to evaluate quantitatively the prospects of each reform for each distinct group. This model can be used to forecast how different voters, young-old, flexible-rigid, working-retired, taxpayer-transfer recipient, will respond to each proposal. This can in turn be used to determine the likelihood of success of a democratic polity in transition to capitalism.

Suggested Citation

  • Frank Wykoff, 2001. "Creating Capitalism: Using Growth Models to Assess Transition," Claremont Colleges Working Papers 2001-16, Claremont Colleges.
  • Handle: RePEc:clm:clmeco:2001-16
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    File URL: http://www.claremontmckenna.edu/rdschool/papers/2001-16.pdf
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    References listed on IDEAS

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    1. Corbo, Vittorio & Fischer, Stanley, 1995. "Structural adjustment, stabilization and policy reform: Domestic and international finance," Handbook of Development Economics,in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 44, pages 2845-2924 Elsevier.
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    More about this item

    Keywords

    transition; reforms; exogenous growth models; endogenous growth models;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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