Transition From Socialist To Market Economies

20 years after the collapse of communism in Central Eastern European countries and 30 years after the start of market-oriented reforms in China, this book provides a framework for understanding the differing emphasis and sequencing of two reforms and explores in-depth these issues in the demise of communism and the triumph of the market economy.

This provides a detailed account of each of the socialist countries and an analysis of the various problems they have met in the long transition to market economies, each of which is very different.

"Substantially revised and updated, this new edition of a highly acclaimed text is both a guide and a critical analysis. Benefiting from the additional insights gained through new data and new developments, the book provides a comprehensive overview of the transition to the market economy taking place in Russia and Eastern Europe. The second edition also has expanded coverage of the enlargement of the European Union to the East and its increasing influence on the reintegration of this region into the world economy." "The book provides a contemporary comparative approach to the process of transformation and supplies a large amount of factual and statistical information. Of great interest to students, specialists and practitioners, the book's nontechnical approach also makes it appropriate for all those interested in the issues of transition."--BOOK JACKET.

Substantially revised and updated the second edition of this highly acclaimed text is both a vital guide and a valuable critical analysis. The book provides a contemporary comparative approach to the process of transformation of the economies of Eastern Europe and Russia. Supplying a large amount of factual and statistical information it also includes consideration of recent progress in the areas of macro-economic-stabilisation, micro-economic restructuring and integration into the world economy.

Exploring China's transition to a socialist market economy, this book finds that the recent Chinese experience is unique and unprecedented. It seems plausible that the distinctive characteristics of China's market reform have been a result of correcting the big bang approach of Eastern European countries and unique conditions that China possesses. For instance, China is endowed with a relatively high level of skilled labor and a large workforce. Moreover, China has been experimenting with reform and profit-sharing for a number of years, especially in the coastal provinces. This book juxtaposes native Chinese experiences with those of academics in the U.S. It integrates the ideas of those living the experience in China with the perceptions of outside observers who might be able to offer constructive criticism. The book covers various topics, such as macroeconomic policy, reform within economic sectors, and strategies for sustainable development, while making sure that the reader will not find it difficult to follow the process of reform and the main impediments that China may face.

First published in 1998, this volume responded to the recent fall of the Soviet Union and looks at the process of transitioning away from Socialist economies, including case studies in the former Soviet Union, Poland, Hungary, China, East Germany and other Socialist countries. Taking the view that economic and political indicators suggest a lack of success in the post-Soviet transformation process, Kızılyallı argues that they have been unsuccessful due to poor planning. Kızılyallı notes an abandonment of the previous system and an ineffective implementation of market capitalism which have led to these negative outcomes. The new method developed herein provides a partial solution through estimating the correct exchange rate based on world prices and under conditions of macroeconomic equilibrium, while also allowing planning for sequencing market reforms. Reform issues are then discussed, followed by the reform experiences of Poland, Hungary, East Germany, China and the former Soviet Union. Lastly, developments in macroeconomic theory are reviewed in light of these case studies. Kızılyallı concludes that both neoclassical and new Keynesian theories fail to provide an economically meaningful framework for analysis of current economic and employment problems, nor for their cure.

The collapse of the state-controlled economies of the former Eastern Bloc will certainly change the way the global economy operates. Bringing together scholars from a wide variety of theoretical perspectives, different nations and different empirical research traditions, this title examines the ongoing transition and the implications of market transitions for individual life chances, state economic policy and social stratification systems. The volume includes scholarship that focuses on both single nation and cross-national research, plus research contributions that compare state socialist/former state socialist political economies with conditions elsewhere in the world.