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Economic Transition: Speed and Scope

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  • Kenneth J. Arrow

Abstract

This paper reviews and discusses the pace and direction of the transformation of formerly socialist economies into market economies. It points out the lack of credibility of slow reforms as well as the dangers of a radical big-bang approach. The article recommends a gradual transition, starting with a rapid entry of private industry into commerce and light industry, followed by the gradual privatization of the more capital intensive industries, while keeping the government in charge of restructing legal and financial institutions and in the management of declining industries.

Suggested Citation

  • Kenneth J. Arrow, 2000. "Economic Transition: Speed and Scope," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 156(1), pages 1-9, March.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200003)156:1_9:etsas_2.0.tx_2-b
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    Citations

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    Cited by:

    1. Christa Hainz, 2007. "Business Groups in Emerging Markets: Financial Control and Sequential Investments," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 163(2), pages 336-355, June.
    2. Marcello Signorelli & Enrico Marelli, 2007. "Institutional change, regional features and aggregate performance in eight EU’s transition countries," Quaderni del Dipartimento di Economia, Finanza e Statistica 37/2007, Università di Perugia, Dipartimento Economia.
    3. Ichiro Iwasaki & Taku Suzuki, 2016. "Radicalism Versus Gradualism: An Analytical Survey Of The Transition Strategy Debate," Journal of Economic Surveys, Wiley Blackwell, vol. 30(4), pages 807-834, September.
    4. Oghenovo A. Obrimah, 2023. "Policy-speak evidence that each of Pareto efficient competition and transfer payments are necessary conditions for first-best progressions to welfare," SN Business & Economics, Springer, vol. 3(8), pages 1-30, August.
    5. Ichiro IWASAKI & Satoshi MIZOBATA, 2018. "Post-Privatization Ownership And Firm Performance: A Large Meta-Analysis Of The Transition Literature," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(2), pages 263-322, June.
    6. Arvind Virmani, 2004. "Economic reforms: Policy and institutions some lessons from Indian reforms," Indian Council for Research on International Economic Relations, New Delhi Working Papers 121, Indian Council for Research on International Economic Relations, New Delhi, India.
    7. Svetlana Kirdina, 2012. "From Marxian School Of Economic Thought To System Paradigm In Economic Studies: The Institutional Matrices Theory," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(2), pages 53-71.
    8. Hubert Gabrisch, 2020. "Elements, origins and future of Great Transformations: Eastern Europe and global capitalism," The Economic and Labour Relations Review, , vol. 31(2), pages 172-190, June.
    9. Judit KAPà S & Pál CZEGLÉDI, 2007. "What Does Transition Mean?: Post-socialist and Western European Countries Paralleled," The Journal of Comparative Economic Studies (JCES), The Japanese Society for Comparative Economic Studies (JSCES), vol. 3, pages 3-28, December.
    10. Dobler, Constanze & Hagemann, Harald, 2011. "Economic growth in the post-socialist Russian Federation after 1991: The role of Institutions," Violette Reihe: Schriftenreihe des Promotionsschwerpunkts "Globalisierung und Beschäftigung" 34/2011, University of Hohenheim, Carl von Ossietzky University Oldenburg, Evangelisches Studienwerk.
    11. Randolph Luca Bruno, 2003. "Speed of Transition, Unemployment Dynamics and Nonemployment Policies: Evidence from the Visegrad Countries," LEM Papers Series 2003/23, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    12. Miroslav Prokopijevic, 2001. "Transition," ICER Working Papers 15-2001, ICER - International Centre for Economic Research.
    13. Hagemann, Harald, 2004. "The macroeconomics of accession: growth, convergence and structural adjustment," Structural Change and Economic Dynamics, Elsevier, vol. 15(1), pages 1-12, March.
    14. Colombatto Enrico, 2001. "Was Transition about Free-Market Economics?," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 11(1), pages 1-16, March.

    More about this item

    JEL classification:

    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General

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