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The economic crisis of 2008, starting from the crisis in banking in the USA in 2008, affected economic and political development in varied ways around the world. This edited volume covers the impact and policy responses in Eastern Europe and Russia. Taken as a whole, the economies of the former state socialist countries – frequently still referred to for convenience as transition economies – were hit hard by the crisis, suffering falls in GDP in 2009 that were deeper than the average around the world. However, there was considerable variety in the effects on individual countries, with a few continuing to grow while some others suffered quite exceptional falls in output. Policy responses were also quite diverse and do not obviously fit with the nature and severity of economic factors. The more general impacts on political life were also varied. In many cases very much the same governments continued in power, while in others there were significant changes and signs of a growing instability in party and political structures. The articles in this book explore these differences between countries and to set them in a wider international context. This bookw as published a sa special issue of Europe-Asia Studies.
The economic crisis of 2008, starting from the crisis in banking in the USA in 2008, affected economic and political development in varied ways around the world. This special issue covers the impact and policy responses in the former state socialist countries of central and eastern Europe and the CIS. Taken as a whole, the economies of the former state socialist countries - frequently still referred to for convenience as transition economies - were hit hard by the crisis, suffering falls in GDP in 2009 that were deeper than the average around the world.However, there was considerable variety in the effects on individual countries, with a few continuing to grow while some others suffered quite exceptional falls in output. Policy responses were also quite diverse and do not obviously fit with the nature and severity of economic factors. The more general impacts on political life were also varied. In many cases very much the same governments continued in power, while in others there were significant changes and signs of a growing instability in party and political structures.The articles in this issue aim to explore these differences between countries and to set them in a wider international context.
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 Economieswill 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.
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.
Annotation.
A transition economy is an economy which is changing from a planned economy to a free market. Transition economies undergo economic liberalisation (letting market forces set prices and lowering trade barriers), macroeconomic stabilisation where immediate high inflation is brought under control, and restructuring and privatisation in order to create a financial sector and move from public to private ownership of resources. These changes often may lead to increased inequality of incomes and wealth, dramatic inflation and a fall of GDP. Transition process is usually characterised by the changing and creating of institutions, particularly private enterprises; changes in the role of the state, thereby, the creation of fundamentally different governmental institutions and the promotion of private-owned enterprises, markets and independent financial institutions. This new book presents the latest research from around the world in this field.
The global financial crisis has provided an important opportunity to revisit debates about post-socialist transition and the relative success of different reform paths. Post-communist Central and Eastern Europe (CEECs) in particular show resilience in the wake of the international crisis with a diverse range of economic transformations. Transformation and Crisis in Central and Eastern Europe offers an in depth analysis of a diverse range of countries, including Poland, Hungary, Russia, Ukraine, Czech Republic and Slovakia. This volume assesses each country’s institutional transformations, geopolitical policies, and local adaptations that have led them down divergent post-communist paths. Chapters take the reader systematically through the evolution of former communist national economic systems, before ending with lessons and conclusions for the future. Subsequent chapters demonstrate that economic performance crucially depends on achieving a sustainable balance between sound institutional design and policies on one hand, and localization on the other. This new volume from a prestigious group of academics offers a fascinating and timely study which will be of interest to all scholars and policy makers with an interest in European Economics, Russian and East European Studies, Transition Economies, Political Economy and the post-2008 world more generally.
Transition Economies provides students with an up-to-date and highly comprehensive analysis of the economic transformation in former communist countries of Eastern and Central Europe and countries of the former Soviet Union. With coverage extending from the end of central planning to the capitalist varieties of the present, this text provides a comparative analysis of economic transformation and political-economic diversity that has emerged as a direct result. It covers differences between countries in terms of economic performance and integration into the world economy. Transition Economies seeks to explain and deepen understanding of these differences, chart the emerging forms of capitalism there, and provide country responses to the world financial crisis of 2008-2009.
The transition economies of Central and Eastern Europe and the former Soviet Union, among all emerging- and developing-economy regions, have been hardest hit by the global economic crisis of 2008-09. This is partly due to the region s deep integration into the global economy across many dimensions trade, financial, and labor flows. Attempts by countries that came later to the transition to catch up rapidly to Western European living standards at a time when global liquidity was unusually abundant, together with some policy weaknesses, made them vulnerable to reversals in market sentiment. Written on the eve of the twentieth anniversary of the fall of the Berlin Wall, 'Turmoil at Twenty' analyzes the run-up to the current crisis and addresses a number of key questions related to vulnerability to the recession, expected recovery, and necessary reforms in the region: Did the transition from command to market economies, and the period during which this took place, plant the seeds of vulnerability that made transition countries more prone to crisis than other developing countries? Did the choices made on the road from plan to market shape the ability of crisis-hit countries to recover? What combination of domestic policy reform and international collective action is needed to bring about a recovery and minimize the humanitarian cost of the crisis? What structural reforms are needed today to address the most binding constraints on growth in a world where capital fl ows to transition and developing countries are expected to be considerably lower than before the crisis? 'Turmoil at Twenty' will be of interest to policy makers and their advisers, researchers, and students of economics who seek lessons from the current economic crisis, as well as scholars of the transition.