Description
Book SynopsisEmploying historical analysis and building on growth theory and modern political economy, Dillon and Wykoff explain Soviet disintegration and analyze efforts to create capitalism in newly independent states. They show how five fundamental economic reforms generate growth, and use an original model to test the connections between reforms, elections and economic performance.
The authors examine the progress of six countries (Bulgaria, Czech Republic, Estonia, Hungary, Russia and Slovakia) in terms of each country's history and its successful application of the five reforms. Anyone interested in how capitalism works and why pro-market reforms encounter resistance in spite of their potential for generating higher living standards will find this book essential reading.
Trade Review'The book's focus is on select major background forces that influence (either constructively or otherwise) the reform policies being adopted by decision makers at a given phase of an economy's reform path. Empirical verification of the relationship between non economic variables and the implementation of select economic policies and their resulting consequences constitutes a valuable contribution to the fields of economic research. Considering the scope of the authors' research focus, the cogent materials are succinctly presented in a readable fashion that will be accessible to students and scholars in the field of systematic transformation. . . . This volume will be of interest to students and scholars interested in the field of economic restructuring and transitional economics.' -- Raphael Shen, S.J., Slavic Review
'This is an excellent analysis of the post-Soviet transition from central planning to a market economy. The book contains an attractive combination of theoretical, institutional and country-specific information. It constitutes a superb source of easily accessible information for advanced undergraduate and graduate students, as well as the general public.' -- - Jan Svejnar, University of Michigan, Ann Arbor, US
'The authors show why markets matter, and, yet, why transition is problematic. They ably use theory to guide discussion and make adroit use of data to substantiate their arguments. This book is a must read for anyone interested in the world-wide trend towards democratic capitalism.' -- - M. Ishaq Nadiri, New York University, US
'Doing what has to be done - transitioning from communism to capitalism - presents enormous opportunities as well as a Pandora's box of pitfalls. This well-documented and solidly reasoned book by economists Patricia Dillon and Frank Wykoff, presents a compelling synthesis, charting the progress of social transformation in the countries of Eastern Europe and drawing crucial lessons painfully gained.' -- Thomas W. Hazlett, Manhattan Institute, US
Table of ContentsContents: Preface Part I: Theoretical Foundations 1. The Withering Away of Communism 2. The Political Economy of Reform 3. Why Private Markets Work 4. Growth Models for Assessing Reforms 5. How Each Reform Promotes Growth 6. Challenges Facing Reformers Part II: Country Chapters 7. Bulgaria: Impatient but Indecisive 8. Are the Czechs Capitalist Superstars? 9. Estonia is Headed West 10. A Taste of Hungarian Goulash 11. Can Russia Make It? 12. Will the Slovaks Stay the Course? 13. The Long and Winding Road Part III: Appendices A. Reforms in Growth Models B. Political Influence, Economic Performance and Reform Efforts: An Econometric Analysis of Six Newly Independent Countries, 1989–1999 Bibliography Index
