Europe versus Asia: Contrasting Paths to the Reform of Centrally Planned Systems of Political Economy

Ha-Joon Chang and Peter Nolan

Chapter 1 in The Transformation of the Communist Economies, 1995, pp 3-45 from Palgrave Macmillan

Abstract: Abstract Like Western Europe after World War II, Eastern and Central European Countries (ECEC) now have the historic opportunity to create ex novo optimal economic and social institutions and thereby free their latent energies. They have the human capital that distinguishes them from Less Developed Countries and makes rapid reconstruction possible. The factor endowment of ECEC is quite similar to that of Western Europe after World War II or that of some Asian Newly Industrialising Countries. Moreover, they can avoid policy choices demonstrated as erroneous by experience and leap frog those Western countries whose oligarchic inwards looking co-institutional framework has not had the chance to be dynamited away. (Steinherr, 1991, pp. 4–5)

Keywords: Foreign Investment; Economic Reform; Communist Party; Reform Process; Chinese Economy (search for similar items in EconPapers)
Date: 1995
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DOI: 10.1007/978-1-349-23916-0_1

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