From Command to Market: a Performance Perspective for Transition Economies
نویسندگان
چکیده
The existing disappointment with the performance of transition economies is unjustified as far as the contraction of their industries, real wages and capital formation in the 1990s is concerned. The initial under-performance of transition economies that had inherited more severe shortages, as in former Soviet Republics, is to be expected also. We establish these results by estimating what alignment of planning era prices with market prices via a comprehensive price and trade liberalization would imply under ideal market conditions.
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