"The Fable of the Keiretsu: "Big Bang versus Gradualism : The Political-Economy of the Patterns in Transition"(in Japanese)
This review article provides an analytical and comprehensive overview of the literature with mathematically rigorous analysis, focusing on the patterns in transition economies, where optimal speed, suitable scale, and appropriate sequencing of reforms are debated in the filed of political economy. It concludes that the big-bang strategy asserting a quick and simultaneous introduction of all reforms is not only the first-best policy to enhance economic efficiency, but also a necessary channel though which the property rights can be enforced effectively. Various qualitative and quantitative reasons are given for why the development of an institutional framework has a significant positive impact on economic growth. Meanwhile, it is also the case for gradualism when the effects of uncertainty and the constraints of political acceptability in the process of reforms are taken into account. The Chinese experience addresses some issues in transitional economies that may not be explained forcibly by the conventional wisdom, in which clearly-defined property rights within a regular economic environment are a prerequisite for economic mechanisms to perform well.
|Date of creation:||Jan 2001|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.cirje.e.u-tokyo.ac.jp/index.html
More information through EDIRC
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.:
- Andrei Shleifer & Robert W. Vishny, 1991. "Reversing the Soviet Economic Collapse," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 341-367.
- Emine GÃ¼rgen & Thomas A. Wolf, 2000. "Improving Governance and Fighting Corruption in the Baltic and CIS Countries; The Role of the IMF," IMF Working Papers 00/1, International Monetary Fund.
- 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.
- Weitzman Martin L. & Xu Chenggang, 1994.
"Chinese Township-Village Enterprises as Vaguely Defined Cooperatives,"
Journal of Comparative Economics,
Elsevier, vol. 18(2), pages 121-145, April.
- M Weitzman & Cheng-Gang Xu, 1993. "Chinese township village enterprises as vaguely defined cooperations," LSE Research Online Documents on Economics 3754, London School of Economics and Political Science, LSE Library.
- M Weitzman & Chenggang Xu, 1993. "Chinese Township Village Enterprises as Vaguely Defined Cooperations," CEP Discussion Papers dp0155, Centre for Economic Performance, LSE.
- Ruggerone, Luigi, 1996. "Unemployment and Inflationary Finance Dynamics at the Early Stages of Transition," Economic Journal, Royal Economic Society, vol. 106(435), pages 483-94, March.
- Tian, Guoqiang, 2000. "Property Rights and the Nature of Chinese Collective Enterprises," Journal of Comparative Economics, Elsevier, vol. 28(2), pages 247-268, June.
When requesting a correction, please mention this item's handle: RePEc:tky:jseres:2001cj39. 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: (CIRJE administrative office)
If references are entirely missing, you can add them using this form.