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The neoliberal platform of the transition to market economy - specifics and consequences

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  • Stefan Stefanov

Abstract

The paper examines, on a comparative plan, the market reforms in the countries of Central and Eastern Europe (CEE) and China, as well as the consequences of their introduction. It defends the thesis that the doctrine of neoliberalism, which is lying in the basis of the Washington Consensus and the activity of the IMF, is of a decisive importance for implementation of the "prorecessional" model of transition to market economy in the countries of CEE. Analyzed are the contents of and the reasons for the emergence of the Washington Consensus and the accent is on the negative consequences of its implementation in the process of reforms in the countries of CEE, and more specially on the following aspects: confusing of aims with means in the model of the market reform, as well as in the methodologies of evaluation of the reached results; slowing down of the institutional reform; generating negative shocks on internal and external demand; and creating conditions of spreading poverty, corruption and crime.

Suggested Citation

  • Stefan Stefanov, 2003. "The neoliberal platform of the transition to market economy - specifics and consequences," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 36-59.
    • Handle: RePEc:bas:econth:y:2003:i:4:p:36-59
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    References listed on IDEAS

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    1. World Bank, 2002. "Transition, The First Ten Years : Analysis and Lessons for Eastern Europe and the Former Soviet Union," World Bank Publications - Books, The World Bank Group, number 14042.
    2. James Crotty, 2000. "Trading State-Led Prosperity for Market-Led Stagnation: From the Golden Age to Global Neoliberalism," Published Studies ps7, Political Economy Research Institute, University of Massachusetts at Amherst.
    3. Joseph E. Stiglitz, 1999. "More instruments and broader goals: moving toward the Post-Washington Consensus," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(1), pages 101-128.
    4. J. Stiglitz, 1999. "Whither Reform? Ten Years of the Transition," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 7.
    5. World Bank, 2002. "Globalization, Growth, and Poverty : Building an Inclusive World Economy," World Bank Publications - Books, The World Bank Group, number 14051.
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    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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