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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: http://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. 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.
    2. Vivek H. Dehejia, 1995. "Will Gradualism Work When Shock Therapy Doesn't?," Carleton Economic Papers 95-08, Carleton University, Department of Economics.
    3. Mariano Tommasi, 1995. "Where are we in the Political Economy of Reform?," UCLA Economics Working Papers 733, UCLA Department of Economics.
    4. Karla Hoff & Joseph E. Stiglitz, 2004. "After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies," American Economic Review, American Economic Association, vol. 94(3), pages 753-763, June.
    5. Gary Krueger, 1993. "Goszakazy and the Soviet Economic Collapse," Comparative Economic Studies, Palgrave Macmillan, vol. 35(3), pages 1-18, September.
    6. Roland, G. & Verdier, T., 1991. "Privatisation in Eastern Europe: Irreversibility and Critical Mass Effects," Papers 9105, Universite Libre de Bruxelles - C.E.M.E..
    7. van Wijnbergen, S., 1991. "Intertemporal Speculation, Shortages and the Political Economy of Price Reform," Discussion Paper 1991-49, Tilburg University, Center for Economic Research.
    8. Rodrik, Dani, 1990. "How should structural adjustment programs be designed?," World Development, Elsevier, vol. 18(7), pages 933-947, July.
    9. 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.
    10. Gatsios, Konstantine, 1992. "Privatization in Hungary: Past, Present and Future," CEPR Discussion Papers 642, C.E.P.R. Discussion Papers.
    11. 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.
    12. 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.
    13. 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.
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