The Neoclassical Gradualist Process of Transition: Preventive Therapy

John Marangos

Chapter Chapter 6 in Consistency and Viability of Islamic Economic Systems and the Transition Process, 2013, pp 187-222 from Palgrave Macmillan

Abstract: Abstract The fundamental basis of the neoclassical gradualist (from now on gradualist) process to transition in CEEFSU was to establish economic, institutional, political, and ideological structures before any attempt at liberalization. Without this minimum foundation, radical reforms would have inhibited the development of a competitive market capitalist system. This was because “privatization, marketization, and the introduction of competition cannot be contemplated in an economy reduced to barter” (Carrington 1992, p. 24). Also, the implementation of the reform program required minimum standards of living; otherwise, the social fabric of the whole society would have been at risk. The reform had to foster a social consensus that endorsed a system of secure private property rights and had to be guided by the principles of voluntariness and free choice.

Keywords: Foreign Direct Invest; Monetary Policy; Market Economy; Transition Economy; Reform Process (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-32726-0_6

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DOI: 10.1057/9781137327260_6

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