IS THE TRANSITION TO THE MARKET TOO IMPORTANT TO BE LEFT TO THE MARKET?

Peter Boettke and Peter Leeson

Economic Affairs, 2003, vol. 23, issue 1, 33-39

Abstract: Most models of Central and Eastern European transition fail to appreciate the de facto organising principles that governed life in the Soviet‐type system. Concentration has instead been focused on the de jure pronouncements of what constituted these systems. It is this misidentification, we contend, that has caused the major problems for economists devising strategies for reform. Proper appreciation of the de facto realities underlying Soviet‐type economies sheds light on the crucial role that market forces must be allowed to play in the process of transition.

Date: 2003
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