Economic Dynamics in Transitional Economies

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Learn more about the transitional economies of Central and Eastern Europe!

This book examines the economic dynamics of Central and Eastern European post-Communist countries. It illuminates the paths these countries are taking toward restructuring their markets, increasing international trade, and bettering their connections with the European Union and other countries. Beginning with a comparative analysis of the three "P-governments"—Pigouvian, Partizan, and Paternalistic—and continuing with a discussion of the interrelated political and economic difficulties of transition, author Bruno Sergi proposes a surprising solution. Inspired by the Bruxelles consensus, he proposes that the European Commission should become a fourth "P-government," replacing the role formerly played by the Washington consensus in the restructuring of post-Communist economies.

Economic Dynamics in Transitional Economies also explores:

  • regional comparative macroeconomics
  • the aftereffects of the Washington Consensus
  • integration of Eastern and Western European economies
  • interrelations between national and regional monetary activity
  • political and economic policy reform
  • involvement of European Union member countries
We are living in historic times, and Economic Dynamics in Transitional Economies will be a welcome guide to the rough roads ahead. This thorough assessment of current political and economic realities will stimulate debate about new European paradigms, the role of the European Union, and the difficulties of post-Communist transition. These issues promise to be vital to the region’s success in the new century.
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Product Details

  • ISBN-13: 9780789016379
  • Publisher: Taylor & Francis
  • Publication date: 4/28/2003
  • Pages: 258
  • Product dimensions: 5.90 (w) x 8.30 (h) x 0.70 (d)

Table of Contents

  • Foreword
  • Preface
  • Acknowledgments
  • Abbreviations and Acronyms
  • Introduction
  • The Regional Context
  • The Purpose of This Book
  • Liberalization and Economic Hopes
  • Synopsis
  • Chapter 1. The Political Economy in Europe: The Three-P Governments
  • Introduction
  • A Formalized Methodology of Analysis
  • The Microfoundations of Monetary Games
  • Credibility and Inconsistency
  • Inconsistency and Institutional Devices Toward Credibility
  • The Eastern and Western Evidence
  • Chapter 2. Accepting a Challenge: Joining the Western European Club
  • Introduction
  • Interactions and Conflicts in Economic Choices
  • Structural Economic Convergence: An Alternative Approach
  • Trade and Financial Integration
  • Estimation Results
  • Toward a Political Economy of Integration
  • Chapter 3. Developments in Transitional Economies: "Syndromes" and Structural Breaks
  • Introduction
  • The Decisive Disputes
  • Economic Slumps and The Syndromes
  • The Underground Economy: A Syndrome?
  • The Other Syndromes
  • The Transformation up to the End of the 1990s
  • From the 1990s to an Economy Without Syndromes
  • Chapter 4. The Political Economy of Keynes, Schumpeter, and the Supply-Siders
  • Introduction
  • Provoking a Supply Response
  • Recovery Persistence
  • Common Fears
  • Political Economy Conclusions
  • Chapter 5. The Bruxelles Consensus and the Fourth-P Government
  • Introduction
  • The Definitive Issues
  • A New Consensus versus a Second Lab Experience
  • Is the Transformation Over?
  • The Fourth-P Government
  • A Paradigm for the Next Decade
  • Appendix. Relevant Internet Addresses: Widening of the EU’s Boundaries
  • Notes
  • References
  • Index
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Customer Reviews

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  • Anonymous

    Posted May 5, 2005

    'Bruxelles Consensus' and the European way of 21st Century

    The time of the ¿Bruxelles Consensus¿ has come. The dynamics of global development and changes that include happenings from shameful attacks in New York and Washington D.C. to the enlargement and growth of the European Union, have brought the case before new needs and solutions. New ideas came into life to address the parameters of these changes. How can we define the current problems and what are the solutions? Bruno S. Sergi has put these issues on ¿the table¿ and presents his solutions. In his ¿Economic Dynamics in Transitional Economies: The Four-P Governments, the EU Enlargement, and the Bruxelles Consensus,¿ he offers a new strategy how to deal with the transformation and transitional economies. He proposes the ¿multiple-goal¿ strategy and post-Washington consensus, or what he called the ¿Bruxelles Consensus¿ to deal with the sphere of economic affairs of our time. Sergi¿s scenario of multiple-goal and post-Washington consensus policies is a new set of political economies ought to shape new markets in the old continent, in addition to modernizing institutions, economic infrastructures, and standards of living. Sergi¿s book is our first friend in order to understanding the policies of European Union and its candidate countries and all the transitional economies of Europe, especially those of Southeast Europe and the Commonwealth of Independent States. His proposal, named according to the EU¿s headquarters based in Brussels and in line with the growing role of the European capital, is the ¿Brussels Consensus.¿ What Sergi proposes is a change of roles, namely to replace the role played by the ¿Washington Consensus¿ and to rebuilding and strengthening its weaken credibility in some parts of the globe; to offer a new hope and to strengthen transitional and post-Communist realities. Sergi¿s ¿Bruxelles Consensus¿ calls for activist state policies, though not intended as Keynesian per se but as a form of stimulus to the Schumpeterian entrepreneur, for results that go beyond those of the Washington consensus, still Sergi does not deny the importance of the market and neoliberal policies toward market stability and incentives. To put it in a different way, the ¿Bruxelles Consensus¿ aims to shape an innovative political economy focused at steering the recovery of transitional economies, but also of creating a simulative economic framework in Western Europe. Simply saying, Sergi attempts to define the European way for the new century and makes it successful.

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  • Anonymous

    Posted April 1, 2004

    A Global Necessity

    I can confidently recommend that you regard Bruno S. Sergi as a true expert in his field and his book Economic Dynamics in Transitional Economies as a necessary reference to understanding the EEC, EU and its candidate countries. It is an informative road map of the past, present and future paths to a global economy. Sergi enlightens us with important explanations which define the differences between the Western and Eastern club¿s economies and the related social perspectives and politics. This book clearly explains the how and why¿s of Central and Eastern economic inefficiencies and what developments have occurred and still need to in such transitional economies. It offers concrete investment strategies and insight with examples of backward-looking investment choices prevalent among those not as forward-thinking as Sergi, who prefer to restructure enterprises that were only successful in a past distorted economy. It is truly one of the most extensive research references I have seen on the economies of Central and Eastern Europe as well as the future for the EU. The constantly changing scenes of the EU becomes a confusing commotion of combined national perspectives, regulations and recommendations, but Sergi¿s book helps clarify critical points of interest regarding the impact on both sides come this May 2004. Additionally, he helps answer a contemporary prodding question of when the economic transition will be over for the Eastern club and perhaps more appropriately, when the 1st part of the transformation process will end. I regard it as a must have for all MBA¿s studying International Business and a definite recommendation for all involved or concerned with global current events. Sergi is brave enough to stray from popular economists who deliver what we want to hear in exchange for what we need to know by throwing a temporarily unfavorable light on the existing reality for post-communist countries, yet suggesting economic methods to aid them in leaving the Western club¿s shadow. Sergi wisely points out that short-term solutions usually have short-term effects. We know all business schools support thinking ¿outside of the box¿, and Sergi does just this by forecasting long-term economic effects of applications necessary for long-term benefits across what he defines as the `4 P-governments¿. Sergi can not only speak from painfully in-depth research, but also from his own actual related international experience to support his sound and worthy of adoption theories. Overall, this book is easy to digest yet provides great benefits for understanding global economics in Central and Eastern Europe and its impact on the EU and the World. - Lisa Marie Bochneak, MBA, Instructor, Leon Kozminski Academy of Entrepreneurship and Management, Warsaw Poland

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  • Anonymous

    Posted October 29, 2003

    Transition Economics viewed from Brussels

    'Economic Dynamics in Transition Countries', by Dr. Bruno Sergi, is an excellent, timely and very, very unique analysis of economic transition under EU dimensions, minus the jargon and hype accompanying many economic works. This one stands out. Dr. Sergi has given the world a new term: 'The Brussels Consensus'. Viewed from the traditional supply side perspective, 'The Brussels Consensus' is a vast improvement upon the traditional 'Washington Consensus', an outmoded term not least because of its unpopularity in many areas of the world. The Brussels Consensus is a vast improvement upon that of 'Washington', not least because Dr. Sergi calls for an activist state role based on a Keynesian, Schumpeter interpretation of supply-side economics. This is to be admired, as many if not all policy makers favoring the Washington view misinterpret Keynes-Schumpeter supply side views. It is no small accomplishment to say that this work is one of the few that can be read and understood by lay person, student and policy maker alike. It is for the policy maker, however, that the book is most intended and, above all, most appreciated. At this critical juncture concerning EU economic transition policy making, it takes a courageous thinker to say to all policy makers, past and present, think again! A must read for any and all who value what it means to be see economics in its broader context.

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