Whence Reform? A Critique of the Stiglitz Perspective

Marek Dabrowski, Stanislaw Gomulka and J Rostowski

CEP Discussion Papers from Centre for Economic Performance, LSE

Abstract: This paper discusses the key hypotheses which Joseph Stiglitz proposed, in his wide-ranging critique of the 'Washington Consensus', with regard to transition reforms and economic polices in China and Russia. The primary purpose is to evaluate the Stiglitz perspective in the light of empirical evidence, including the experience of countries outside China and Russia. Although some of the points Stiglitz makes are important for understanding what has happened in the transition, this paper argues that his perspective mis-interprets the key facts of the Chinese transition, mis-describes the facts of the Russian transition and fails to consider the theoretical and policy implications of the success of a 'third model', which is represented by some Central European and Baltic transitions.

Keywords: Transition from communism; capitalism; China; Russia; Joseph Stiglitz; clean slate policy; social capital (search for similar items in EconPapers)
Date: 2000-09
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Citations: View citations in EconPapers (12)

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Related works:
Journal Article: Whence reform? A critique of the stiglitz perspective (2001)
Working Paper: Whence reform? A critique of the Stiglitz perspective (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:cep:cepdps:dp0471

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