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The transition of China and Ussr: A political economy perspective

  • Digdowiseiso, Kumba
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    This paper will focus on how the transition in China differs from that of USSR in terms of the Big Bang (shock therapy) and the Gradualist approach. While many econometric studies show that nations which apply both shock therapy and or gradualism end up at the same point, making the debate unnecessary, the author believes that gradualism was far more successfully implemented than the latter. When reforming the structure of the economy, it has to be remembered that a market based solution is a means not an end and it is more important “getting it right” than transitioning as fast as possible to ensure a level of playing field and long term sustainable growth.

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    File URL: https://mpra.ub.uni-muenchen.de/22561/1/MPRA_paper_22561.pdf
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22561.

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    Date of creation: 04 May 2010
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    Handle: RePEc:pra:mprapa:22561
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    1. Hoff, Karla & Stiglitz, Joseph E., 2002. "After the Big Bang? Obstacles to the emergence of the rule of law in post-communist societies," Policy Research Working Paper Series 2934, The World Bank.
    2. Vivek H. Dehejia, 2003. "Will Gradualism Work When Shock Therapy Doesn"t?," Economics and Politics, Wiley Blackwell, vol. 15(1), pages 33-59, March.
    3. Tommasi, Mariano & Velasco, Andres, 1995. "Where are we in the Political Economy of Reform?," Working Papers 95-20, C.V. Starr Center for Applied Economics, New York University.
    4. van Wijnbergen, S., 1991. "Intertemporal Speculation, Shortages and the Political Economy of Price Reform," Discussion Paper 1991-49, Tilburg University, Center for Economic Research.
    5. Rodrik, Dani, 1990. "How should structural adjustment programs be designed?," World Development, Elsevier, vol. 18(7), pages 933-947, July.
    6. Gerard Roland, 1994. "The role of political constraints in transition strategies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(1), pages 27-41, 03.
    7. Gatsios, Konstantine, 1992. "Privatization in Hungary: Past, Present and Future," CEPR Discussion Papers 642, C.E.P.R. Discussion Papers.
    8. Roland, Gérard & Verdier, Thierry, 1992. "Privatization in Eastern Europe: Irreversibility and Critical Mass Effects," CEPR Discussion Papers 612, C.E.P.R. Discussion Papers.
    9. Pomfret, Richard, 2000. "Agrarian Reform in Uzbekistan: Why Has the Chinese Model Failed to Deliver?," Economic Development and Cultural Change, University of Chicago Press, vol. 48(2), pages 269-84, January.
    10. Vladimir Popov, 2000. "Shock Therapy Versus Gradualism: The End Of The Debate (Explaining The Magnitude Of Transformational Recession)," Comparative Economic Studies, Palgrave Macmillan, vol. 42(1), pages 1-57, April.
    11. Sonin, Konstantin, 1999. "Inequality, Property Rights Protection, and Economic Growth in Transition Economies: Theory and Russian Evidence," CEPR Discussion Papers 2300, C.E.P.R. Discussion Papers.
    12. Shang-Jin Wei, 1997. "Gradualism versus Big Bang: Speed and Sustainability of Reforms," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 1234-47, November.
    13. Gary Krueger, 1993. "Goszakazy and the Soviet Economic Collapse," Comparative Economic Studies, Palgrave Macmillan, vol. 35(3), pages 1-18, September.
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