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The Neo-Liberal Platform of the Transition to Market Economy – Specifics and Consequences

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  • Stefan F. Stefanov

Abstract

The subject of analysis is the nature of the market reforms in the Central and East European (CEE) countries and especially the strong influence of the Washington Consensus as a set of neo-liberal policies that was imposed by the International Monetary Fund on developing and transition countries during the third wave of globalization of the world economy. The consequences of the neo-liberal policies are investigated mainly in the following aspects: i) as a source of misalignment of means and goals in the market reform agenda; ii) as a factor retarding the building of genuine market institutions in the region; iii) as a generator of negative shocks on both external and internal aggregate demand eventually causing a deep and long-lasting recession; iv) as one of the reasons for increasing poverty, inequality and corruption in the economy of transition countries.

Suggested Citation

  • Stefan F. Stefanov, 2004. "The Neo-Liberal Platform of the Transition to Market Economy – Specifics and Consequences," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 24-43.
    • Handle: RePEc:bas:econth:y:2004:i:7:p:24-43
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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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