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Transition to a Market-Oriented Economy: China versus Eastern Europe and Russia

In: The Institutional Foundations of East Asian Economic Development

Author

Listed:
  • Justin Yifu Lin

    (Peking University
    Australian National University)

  • Valery Makarov

    (Central Economic-Mathematical Institute)

Abstract

For the transition from a centrally planned economy to a decentralized market economy, there are two different approaches. The first is a ‘big bang’ or ‘shock therapy’ approach; the reforms undertaken in Eastern Europe and the former USSR in recent years are typical examples. This approach considers stabilization, marketization, and privatization to be the necessary components of a successful transition and attempts to complete all these components simultaneously or in a short sequence. The contrasting alternative is the ‘gradual’, ‘organic’, or ‘evolutional’ approach, and this latter has characterized China’s recent reforms. It is piecemeal, partial, incremental, sequential, often experimental, and without large-scale privatization.

Suggested Citation

  • Justin Yifu Lin & Valery Makarov, 1998. "Transition to a Market-Oriented Economy: China versus Eastern Europe and Russia," International Economic Association Series, in: Yujiro Hayami & Masahiko Aoki (ed.), The Institutional Foundations of East Asian Economic Development, chapter 8, pages 215-251, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26928-0_8
    DOI: 10.1007/978-1-349-26928-0_8
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    Cited by:

    1. Ivan V. Morozov & Yuliya M. Potanina & Sergey A. Voronin & Natalia V. Kuchkovskaya & Mapo Dare Siliush, 2018. "Prospects for the Development of the Oil and Gas Industry in the Regional and Global Economy," International Journal of Energy Economics and Policy, Econjournals, vol. 8(4), pages 55-62.
    2. Liu, Xiaojie & Shen, Jim Huangnan & Deng, Kent, 2022. "Endowment Structure, property rights and reforms of large state-owned enterprises (SOEs) in China: Past, present and future," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 675-692.
    3. Xunan Feng & Dengxi Wei, 2024. "Political ranking in hierarchy and receipt of a comment letter: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 277-307, March.

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