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Political Economy of Transition : Opportunities and Limits of Transformation - Jozef M. van Brabant

Political Economy of Transition

Opportunities and Limits of Transformation

Hardcover Published: 6th May 1998
ISBN: 9780415169462
Number Of Pages: 576

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This book addresses the policy questions surrounding the challenge of transforming eastern European economies from their planned, administrative past to vibrant market-based entities.
Jozef van Brabant considers in turn, the wider set of challenges facing these economies - stabilization, privatization, liberalization, institution building, and developing and maintaining the sociopolitical consensus - before examining the evolving role of the state.
Using concrete examples from the eastern European countries throughout, including the Czech Republic and Bulgaria, this work systematically examines, in a society-wide context, the initial conditions of transformation, the policy tasks ahead and the manner in which policies have been pursued.

Industry Reviews

"This valuable, volumnious treatise, presented by an acknowledged expert and prolific author on Eastern and Central Europe, provides the historical background of the economies in transition, the agenda for transformation, and a discussion of integration into the global political economy in general and the European Union in particular." -"Choice, 1/99

List of Tables
Introduction - The essence of the transition and economic transformation
Principal purposes of this monograph
Ideology and economic analysis
Terminological conventions
Measurement problems during the transition
A road map
History, starting conditions and transformation tasks
Historical backdrop
History and ideology
The ideology of communism and core precepts of economic development
The communist strategy of industrial development
The orthodox economic model
Economic policies of state socialism
The institutional infrastructure of the state-socialist economy
Reform tinkering and the starting conditions of transition
The treadmill of administrative and organizational reforms
Policy dilemmas and macroeconomic imbalances in the 1980s
The multifaceted origin of state socialism's collapse
On starting conditions of economic transformation
The market economy and the transformation agenda
Shock therapy versus gradualism - a pointless debate?
The market as social institution
A taxonomic framework
Intermediation, markets and transformation
Coordinational failures
Comprehensiveness, speed and sequencing
Critical instances of uncertainty
Knowledge and information in formulating transformation policies
Success and failure with transformation policies
Components of the transformation agenda
Stabilization as an early policy task
The need for stabilization and macroeconomic prudence
The initial approach chosen in transition economies
Money as an instrument and weapon
Main features of a current board
Stabilization programs
Monetary policy and instruments during transformation
Fiscal policy and instruments during transformation
Internal and external liberalization
Coordination in a market environment
Prices of goods and services
Fostering competition
Abolition of the MFT and its implications
Instruments of trade policy
Managing the exchange rate
Outcomes of privatization
The remaining problems with privatization
The role of institutions in a market economy
On the institutions of a functioning market economy
Property rights
The legal foundations of the market
Commercial banking
Capital, credit and risk markets
Labor market
Information, the market and the state
Transformation and the sociopolitical consensus
Shrinking social security - expectations and realities
Reaching and sustaining the consensus
Governing the transition
Overfull employment as a legacy for transition
Salient features of labor markets in transformation
Social services and rearranging property rights
Pension reform
Budgetary policies, social security and human capital
Corruption, crime and personal insecurity
The evolving role of the state during transformation
The broad role of the state in transition
The state as market organizer
Economic theory and the state
The state as producer and the future of SOEs
The desirable role of the state during the transition
Improving governance capabilities
Toward sustainable growth and global integration
Transformation and integration into the world economy
Integrating into the global economy - its meanings
Multilateral institutional integration
Universalism and systematic differences
The desirability of joining the IEOs
The TNCs, modernization and the transformation
The transition economics and the EU
Transformation and international assistance
The case for assisting the transition economies
Institutional arrangements for assistance delive
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780415169462
ISBN-10: 0415169461
Series: Routledge Studies of Societies in Transition
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 576
Published: 6th May 1998
Country of Publication: GB
Dimensions (cm): 23.77 x 16.36  x 4.65
Weight (kg): 1.11
Edition Number: 1

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