Transition from central planning to a market economy, involving large-scale institutional change and reforms at all levels, is often described as the greatest social science experiment in modern times. As more than two decades have passed since the fall of the Berlin Wall and the collapse of the Soviet Union, it is now an excellent time to take stock of how the transition process has turned out for the economies that have moved on from socialism and the command economy.
This new handbook assembles a team of leading experts, many of whom were closely involved in the transition process as policymakers and policy advisors, to explore the major themes that have characterized the transition process. After identifying the nature of initial conditions and the strengths and weaknesses of institutions, the varying paths and reforms countries have taken are fully analyzed – from the shock therapy, privatization or gradualism of the early years to the burning issues of the present including global integration and sustainable growth.
Topics covered include the socialist system pre-transition, economic reforms, institutions, the political economy of transition, performance and growth, enterprise restructuring, and people and transition. The country coverage is also extensive, from the former socialist countries of the USSR and the satellite states of Central and Eastern Europe to the Asian countries of China, Vietnam and others. The rise of China as a key actor in the drama is chronicled, along with the emergence of a new, more confident, oil-rich Russia. The comparative prosperity of the Central European countries such as Poland and the Czech Republic is contrasted with the mixed fortunes of the former USSR, where some countries are stagnating while others boom.
This Handbook of the Economics and Political Economy of Transition is the definitive guide to this new order of things in the former Communist world.
Introduction Paul Hare and Gerard Turley Part I: Introduction 1. Transition Economies: The first two decades Gerard Turley 2. Institutions in Transition Paul Hare 3. Did We Go about Transition in the Right Way? D. Mario Nuti 4. Is the Transition Over? A definition and some measurements Oleh Havrylyshyn Part II: Background 5. Switching Development Strategies and the Costs of Transition: The case of the Soviet Union and Russia Gur Ofer 6. Central Planning in the Soviet System Vladimir Mau and Tatiana Drobyshevskaia 7. From USSR to Russia: The fate of the military economy Julian Cooper 8. Why did Transition Happen? David M. Kotz Part III: Beginnings 9. Transformational Recession Vladimir Popov 10. Privatization Jeffrey Miller 11. Theories and Models of Economic Transition John Marangos 12. Fiscal Policy in Transition Economies: Sustainable public finance as a measure of successful transition Anna Shabunina Part IV: Integration 13. Trade Reorientation and Global Integration Zdenek Drabek and Vladimír Benáček 14. The Exchange Rate and Foreign Direct Investment: Two paths to globalization Josef C. Brada 15. Enlargement of the European Union László Csaba 16. EU Accession as an Instrument for Speeding up Transition Mojmir Mrak and Matija Rojec Part V: Political Economy 17. Corruption in the Post-Communist Transition Daniel Treisman 18. Bulgaria and Political Economy of Transition Rumen Dobrinsky 19. Interpreting China’s Economic Growth and Predicting Its Future Course Wing Thye Woo 20. Towards a New Growth Model in Eastern Europe Paul Marer Part VI: Firms 21. Entrepreneurship in the Transition Economies of Central and Eastern Europe Saul Estrin and Tomasz Mickiewicz 22. Trade and Firms in Transition László Halpern 23. Pyramid State Ownership and Control in the Czech Republic Evžen Kočenda and Jan Hanousek 24. The Business Environment in the Transition Wendy Carlin and Mark E. Schaffer Part VII: People 25. People and Transition (Life in Transition Survey) Peter Sanfey 26. The Status of Women during the Early Transition Process Peter Luke 27. The Rural Economy and Households in China and Russia: A comparison Michael Cuddy, Pauric Brophy and Hongmei Liu 28. Labour Markets and Labour Market Institutions in Transition Economies Hartmut Lehmann and Alexander Muravyev Part VIII: Country Studies 29. Why has Serbia not been a Frontrunner? Milica Uvalic 30. Estonia: Did the strategy of deep integration fail in the 2008/09 crisis? Pekka Sutela 31. Russia since Transition Philip Hanson 32. Rebuilding a Tradeables Sector: The binding constraint in the East German transition Wendy Carlin 33. Resource-rich Transition Economies Richard Pomfret Part IX: Assessment 34. Economic Growth in the Transition from Communism Nauro F. Campos and Fabrizio Coricelli 35. Central and Eastern Europe and the CIS: 20 years on Marek Dabrowski 36. Communist Asia Steven Rosefielde 37. The Great Transformation 1989-2029 Grzegorz W. Kolodko