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Economic Transition: Speed and Scope

Kenneth Arrow

Journal of Institutional and Theoretical Economics (JITE), 2000, vol. 156, issue 1, 9-

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.

JEL-codes: P30 (search for similar items in EconPapers)
Date: 2000
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