The transition from socialism to capitalism at the end of the Twentieth-century is one of the most significant events in the world economy since industrialization. Fundamental institutional change is affecting about a quarter of the planet's population. Few, if any, historical events have involved so many changes in such a large part of the world over such a short period of time. The transition process raises fundamental questions about the workings of the capitalist system and the dynamics of instituional change.
This book is an authoritative reader on the economics of transition and emphasizes a view of transition that addresses broader areas of economics, such as development, public finance, and economic history. A sampling of the issues raised includes: the difference between public and private ownership; the comparison of financial systems and corporate governance institutions; the emergence of new legal arrangements; the role of government in promoting, or undermining, market institutions; the redefinition of countries and regions; the evolution of public sector institutions, including bureaucracies, tax systems, and regulatory frameworks; the evolution of the social safety net; and the effect of democracy and freedom on economic change.
Introduction; E.Berglöf & G.Roland
Soft Budget Constraint Theories: From Centralization to the Market; E.Maskin
When does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies; R.Frydman, C.Gray, M.Hessel & A.Rapaczynski
Disorganization and Financial Collapse; D.Marin & M.Schnitzer
Transition with Labour Supply; T.Boeri
The Evolution of Output in Transition Economics: Explaining the Differences; A.Berg, E.Borensztein & R.Sahay
Property Rights, Finance, and Entrepreneurship; S.Johnson, J.McMillan & C.Woodruff
Courts and Relational Contracts; S.Johnson, J.McMillan & C.Woodruff
Dodging the Grabbing Hand: The Determinants of Unofficial Activity in Sixty-nine Countries; E.Friedman, S.Johnson, D.Kauffman & P.Zoido-Lobaton
Why do Firms Hide? Bribes and Unofficial Activity after Communism; S.Johnson, D.Kauffman, J.McMillan & C.Woodruff
The Causes of Corruption: A Cross-National Study; D.Treisman
Incentives to Provide Local Public Goods: Fiscal Federalism, Russian Style; E.Zhuravskaya
Regional Decentralization and Fiscal Incentives: Federalism, Chinese Style; H.Jin, Y.Qian & B.R.Weingast
The Razor's Edge: Distortions and Incremental Reform in the People's Republic of China; A.Young
Coordinating Changes in Transition Economies; Y.Qian, G.Roland & C.Xu
ERIK BERGLÖF is Chief Economist and Special Advisor to the President of the European Bank for Reconstruction and Development (EBRD). Previously, he was Director of the Stockholm Institute of Transition Economics (SITE), the organizer of the Fifth Nobel Symposium in Economics. He is a widely published specialist in the field of transition economics and has regularly provided advice to national governments and international institutions.
GÉRARD ROLAND is Professor of Economics and Political Science at the University of California, Berkeley, USA. He was a member of the Academic Committee for the Fifth Nobel Symposium in Economics, with Olivier Blanchard of MIT. His contributions to the literature on economic transition have mainly examined the political economy aspects but also financial reform, privatization, restructuring and macroeconomic issues.
Description
The transition from socialism to capitalism at the end of the Twentieth-century is one of the most significant events in the world economy since industrialization. Fundamental institutional change is affecting about a quarter of the planet's population. Few, if any, historical events have involved so many changes in such a large part of the world over such a short period of time. The transition process raises fundamental questions about the workings of the capitalist system and the dynamics of instituional change.
This book is an authoritative reader on the economics of transition and emphasizes a view of transition that addresses broader areas of economics, such as development, public finance, and economic history. A sampling of the issues raised includes: the difference between public and private ownership; the comparison of financial systems and corporate governance institutions; the emergence of new legal arrangements; the role of government in promoting, or undermining, market institutions; the redefinition of countries and regions; the evolution of public sector institutions, including bureaucracies, tax systems, and regulatory frameworks; the evolution of the social safety net; and the effect of democracy and freedom on economic change.
Contents
Introduction; E.Berglöf & G.Roland
Soft Budget Constraint Theories: From Centralization to the Market; E.Maskin
When does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies; R.Frydman, C.Gray, M.Hessel & A.Rapaczynski
Disorganization and Financial Collapse; D.Marin & M.Schnitzer
Transition with Labour Supply; T.Boeri
The Evolution of Output in Transition Economics: Explaining the Differences; A.Berg, E.Borensztein & R.Sahay
Property Rights, Finance, and Entrepreneurship; S.Johnson, J.McMillan & C.Woodruff
Courts and Relational Contracts; S.Johnson, J.McMillan & C.Woodruff
Dodging the Grabbing Hand: The Determinants of Unofficial Activity in Sixty-nine Countries; E.Friedman, S.Johnson, D.Kauffman & P.Zoido-Lobaton
Why do Firms Hide? Bribes and Unofficial Activity after Communism; S.Johnson, D.Kauffman, J.McMillan & C.Woodruff
The Causes of Corruption: A Cross-National Study; D.Treisman
Incentives to Provide Local Public Goods: Fiscal Federalism, Russian Style; E.Zhuravskaya
Regional Decentralization and Fiscal Incentives: Federalism, Chinese Style; H.Jin, Y.Qian & B.R.Weingast
The Razor's Edge: Distortions and Incremental Reform in the People's Republic of China; A.Young
Coordinating Changes in Transition Economies; Y.Qian, G.Roland & C.Xu
Authors
ERIK BERGLÖF is Chief Economist and Special Advisor to the President of the European Bank for Reconstruction and Development (EBRD). Previously, he was Director of the Stockholm Institute of Transition Economics (SITE), the organizer of the Fifth Nobel Symposium in Economics. He is a widely published specialist in the field of transition economics and has regularly provided advice to national governments and international institutions.
GÉRARD ROLAND is Professor of Economics and Political Science at the University of California, Berkeley, USA. He was a member of the Academic Committee for the Fifth Nobel Symposium in Economics, with Olivier Blanchard of MIT. His contributions to the literature on economic transition have mainly examined the political economy aspects but also financial reform, privatization, restructuring and macroeconomic issues.
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