A post Keynesian critique of privatization policies in transition economies

John Marangos

Journal of International Development, 2002, vol. 14, issue 5, 573-589

Abstract: The privatization policies implemented in transition economies were based on the neoclassical principles of economic thought. The neoclassical privatization policies contributed to the well-known results of a large reduction in output, high unemployment and inflation and a breakdown of institutional norms resulting in corruption and illegal activities. For the post Keynesians, there could have been a transition to a market economy without a substantial change in property ownership. This was because ownership, as such, was less important than competition, the incentive structure and the nature of regulatory policies. Consequently, post Keynesian policies of privatization would had resulted in a substantially smaller social cost of transition. Copyright © 2002 John Wiley & Sons, Ltd.

Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jintdv:v:14:y:2002:i:5:p:573-589

DOI: 10.1002/jid.909

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