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The Process of Socialist Economic Transformation

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Listed:
  • Stanley Fischer
  • Alan Gelb

Abstract

In this paper, we consider the reform process in those Central and East European countries that have made the decision to move from a more-or a less-planned socialist system to a private market economy, one in which private ownership predominates and most resources are allocated through markets. Because the reform process is both complex and intertwined with political factors—especially the shift towards representative democracy—and because there are substantial differences among the reforming countries, no single detailed road map can guide the way to the new systems. Rather, the paper sets out general considerations that provide a framework for reform and relates the choices to some initial conditions of the various reforming countries. (The framework applies also to the Soviet Union, or in the event of its disintegration, to its successor states as they move to market systems.)

Suggested Citation

  • Stanley Fischer & Alan Gelb, 1991. "The Process of Socialist Economic Transformation," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 91-105, Fall.
    • Handle: RePEc:aea:jecper:v:5:y:1991:i:4:p:91-105
    Note: DOI: 10.1257/jep.5.4.91
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.5.4.91
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    References listed on IDEAS

    as
    1. Rudiger Dornbusch & Holger Wolf, 1990. "Monetary Overhang and Reforms in the 1940s," NBER Working Papers 3456, National Bureau of Economic Research, Inc.
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    More about this item

    JEL classification:

    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform

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