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Analysing the key problems facing the transition countries in Central and Eastern Europe, this accessible book describes the legacy of the central planners, the progress achieved so far and the need for further reforms. It documents the outstanding successes and failures, and analyses why certain approaches to transition have worked and others have not. It tests where transition is over and shows how some countries have graduated from 'transition' to 'integration' through their efforts to join the European Union (EU). It discusses the costs and benefits of the eastern enlargement of the EU. The specific experiences of German unification, the Soviet Union's disintegration, and Russia's complex reforms are examined, as are the specific issues that need to be addressed in the Balkans. The book concludes by indicating how the expanding EU could help the poor performers through inclusion in a continent-wide integrated economic area.
This interdisciplinary study offers a comprehensive analysis of the transition economies of Central and Eastern Europe and the former Soviet Union. Providing full historical context and drawing on a wide range of literature, this book explores the continuous economic and social transformation of the post-socialist world. While the future is yet to be determined, understanding the present phase of transformation is critical. The book’s core exploration evolves along three pivots of competitive economic structure, institutional change, and social welfare. The main elements include analysis of the emergence of the socialist economic model; its adaptations through the twentieth century; discussion of the 1990s market transition reforms; post-2008 crisis development; and the social and economic diversity in the region today. With an appreciation for country specifics, the book also considers the urgent problems of social policy, poverty, income inequality, and labor migration. Transition Economies will aid students, researchers and policy makers working on the problems of comparative economics, economic development, economic history, economic systems transition, international political economy, as well as specialists in post-Soviet and Central and Eastern European regional studies.
The Czech Republic and Economic Transition in Eastern Europe is the first in-depth, comparative analysis of the Czech Republic's economic transition after the fall of the Communist bloc. Edited by Jan Svejnar,a principal architect of the Czech economic transformation and Economic Advisor to President Vaclav Havel, the book poses important questions about the Republic and its partners in Central and Eastern Europe. The thirty-five essayists describe the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues it faces. In this in-depth, comparative analysis of the Czech Republic's economic transition, an international team of thirty-five economists examine the Republic and its partners in Central and Eastern Europe. Important questions and issues permeate the essays. For example, prior to 1939 the Czech Republic possessed the most advanced economy in the region; is it capable of reestablishing its dominance? Relative to its neighbors, the Republic ranks especially high on some transition-related performance indicators but low on others. What economic effects are related to the 1993 dissolution of the Czech and Slovak governments? And what can be learned by comparing the economic outcomes of two countries that shared legal and institutional frameworks? Data describe the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues facing it. Its most important contributions are its clarifications of the transition process. The authors included in Transforming Czechoslovakia combine the best available data and techniques of economic analysis to assess the replacement of the inefficient but internally consistent central planning system with a more efficient market system. These authors, among whom are central European economic analysts, senior U.S. economists, and Czechoslovakian professors and economic researchers, discuss the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues facing it. The essays vary between presentations of history and policy and technical examinations of data. Together they offer the most comprehensive and detailed assessment of the country's economic transformation in print. This book is important because its essayists compile results and reach conclusions that are broad and credible. The empirical data were gathered on the ground and have been subjected to advanced methodologies, including game theory, industrial organization, and Granger-Sims causality.
V. The return of history.
Provides a comprehensive view of the economic heritage of the reforming countries, of the reforms that are necessary, both from a theoretical and a practical viewpoint; and of the responsibilities of the West.
This book examines the evolution of trade and trade patterns in Central and Eastern European countries (CEEC) and assesses the implications of these patterns on structural change and economic development within transition economies. Taking the fall of the Iron Curtain in 1989 as a starting point, the authors discuss the transition of former communist CEE countries from centrally planned to market-driven economies, arguing that trade was the primary engine for the economic growth and transition process they experienced. The chapters in this book incorporate the results of previous studies – some of which are based on original research conducted by the authors – dedicated to the integration process of international and European trade. More importantly, the authors look at the broader aspects of structural change and economic development, indeed the whole process of economic transformation. Thus, the book moves well beyond the core ‘trade and growth’ framework to look at technological progress, foreign investment, institutional development and structural change in Central and Eastern European countries.
When communism fell in 1989, the question for most Eastern European countries was not whether to go to a market economy, but how to get there. Several years later, the difficult process of privatization and restructuring continues to concern the countries of the region. The Transition in Eastern Europe, Volumes 1 and 2 is an analysis of the experiences of various countries making the transition to market economies and examines the most important challenges still in store. Volume 1, Country Studies, gives an in-depth, country-by-country analysis of various reform experiences, including historical backgrounds and discussions of policies and results to date. The countries analyzed are Poland, Czechoslovakia, Hungary, eastern Germany, Slovenia, and Russia. Written by leading economists, some of whom helped shape local and national reforms, this volume identifies common progress, common difficulties, and tentative solutions to the problems of economic transition. Volume 2, Restructuring, focuses on specific issues of transition, including how to design labor market institutions, privatization, new fiscal structures, and bankruptcy laws; how to reorganize foreign trade; and how to promote foreign direct investment. The articles, written by experts in the field, will be of direct help to those involved in the transition process. These volumes provide a standard reference on economic transition in the region for policymakers in Eastern Europe and in western countries, for international agencies concerned with the transition process, and for anyone interested in learning about the dramatic changes that have recently occurred in Eastern Europe.
An attentive reader embarking on this book might wonder what "the" economic transition to which the title refers might be. In this century almost all countries have gone through periods of economic transition; but which period of economic history can claim to embody the notion or to represent the era of "the" transition? Definitely, no country or group of countries has experienced anything comparable to the economic upheavals that the fall of communism has brought about in a large portion of the world in just three years (1989 to 1991). No other "transition" to date has prompted more interest and more studies among economists, academics and policy-makers than has the transformation of centrally planned economies into market-based systems. It is this transformation that has come to define "the" transition. Early in the transformation process (in November 1990), with the support of the Centre for Co-operation with the Economies in Transition (CCET), I launched a conference to examine the challenges faced by these countries. About six years have gone by and a new economic landscape has emerged in that part of the world. The difficulties in transforming these economies have exceeded all expectations, and economic performances have varied considerably across countries. The time has come, therefore, to make a first evaluation of progress and problems, with a view to extracting useful policy lessons to guide policy-makers in successfully completing the transition in the near future.
This book, a third edition, has been significantly expanded and updated. It revisits the process of institutional change: its characteristics, determinants and implications for economic performance. New chapters address the significance of Post-Communist transition, the differences and importance of initial conditions in institutional building, and, social norms, values, and happiness. Other chapters have been expanded to include, for example, a focus on the Washington consensus, commentary on the 2008 financial crisis, state capacity and corruption, and new findings on redistribution and inequality. With specific focus on Central Europe, Eastern Europe and Central Asia, this revised edition examines the process of development, and its interdependence with institutions.
This book is a collection of studies that examine the path of transition of central and south eastern European countries, the implications of EU enlargement for the acceding countries and the remaining European countries yet to join. It also discusses reactions of eastern European stock markets to news of financial crisis in emerging markets