TRANSITION FROM A COMMAND ECONOMY: RATIONAL EXPECTATIONS AND COLD TURKEY

Murray Wolfson

Contemporary Economic Policy, 1992, vol. 10, issue 2, 35-43

Abstract: This paper attempts to convey to representatives of the erstwhile Soviet bloc an understanding of the problems they face in achieving a market economy. Although the transition from a command economy to a market economy is perilous, the author advises policymakers that retarding the tempo of change will invite economic and political disaster.

Date: 1992
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