Post-Communist Reform: Pain and Progress

Overview

In their earlier report, Reform in Eastern Europe, the WIDER group assessed the main building blocks of a successful transition in Eastern Europe: stabilization, price liberalization,
privatization, and restructuring. For the last three years this group of leading economists has been heavily involved in the reform process. In this new report, they take stock, returning to the original themes and assessing progress and prospects, particularly in Russia.Stabilization in the major ...

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Overview

In their earlier report, Reform in Eastern Europe, the WIDER group assessed the main building blocks of a successful transition in Eastern Europe: stabilization, price liberalization,
privatization, and restructuring. For the last three years this group of leading economists has been heavily involved in the reform process. In this new report, they take stock, returning to the original themes and assessing progress and prospects, particularly in Russia.Stabilization in the major Central European countries was done very much by the book. Russia, in contrast, is following a path of restructuring without stabilization. The authors discuss how far this alternative strategy is likely to get. Turning to privatization, they note that initial plans started from the assumption that the state owned the assets. As slow progress of those plans has painfully shown, this was the wrong assumption. They point out that assets have in fact many de facto claimants, from managers to workers to local authorities to ministries, and discuss how the current Russian privatization program starts and builds up from this more realistic assessment.In the face of a collapse of trade in Eastern Europe, triggered by reform in Central Europe and a similar collapse between republics following the breakup of the Soviet Union, the authors show how simple measures such as a payments union can be used to increase trade and output.Post-Communist Reform concludes with a look at restructuring in Poland. The authors focus on the behavior of the state, the growth of the private sector, the role of financial systems, and the coherence of overall government policy, ending on a note of cautious optimism.

The MIT Press

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Product Details

  • ISBN-13: 9780262519793
  • Publisher: MIT Press
  • Publication date: 10/4/1993
  • Pages: 191
  • Product dimensions: 7.80 (w) x 5.20 (h) x 0.50 (d)

Meet the Author

Olivier Blanchard is Economic Counselor and Director of the Research Department at the
International Monetary Fund. He is the author of Macroeconomics, among other books, and coauthor of Lectures on Macroeconomics (MIT Press). David Romer is
Herman Royer Professor of Political Economy at the University of California, Berkeley, and author of
Advanced Macroeconomics. Michael Spence, co-recipient of the 2001 Nobel Prize in
Economics, is Professor Emeritus of Management at Stanford University's Graduate School of Business and Professor of Economics at New York University's Stern School of Business. He served as Chairman of the Commission on Growth and Development from 2006 to 2010 (the life of the commission). He is the author of The Next Convergence: The Future of Economic Growth in a Multispeed
World
. Joseph Stiglitz, co-recipient of the 2001 Nobel Prize in Economics, is University
Professor at Columbia University. He served as Chairman of the U.S. Council of Economic Advisers in the Clinton administration, and from 1997 to 2000 as World Bank Chief Economist and Senior Vice
President in Development Economics. He is the author of Freefall: Free Markets and the
Sinking of the World Economy, Globalization and Its Discontents
, and other books.

Andrei Shleifer is Professor of Economics at Harvard University and recipient of the 1999 John
Bates Clark Medal. He is the author of Without a Map: Political Tactics and Economic Reform in Russia (MIT Press, 2000) and other books.

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