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Whence reform? A critique of the Stiglitz perspective

Dabrowski, Marek and Gomulka, Stanislaw and Rostowski, Jacek (2000) Whence reform? A critique of the Stiglitz perspective. CEPDP (471). Centre for Economic Performance, London School of Economics and Political Science, London, UK. ISBN 0753014114

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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.

Item Type: Monograph (Discussion Paper)
Official URL: http://cep.lse.ac.uk
Additional Information: © 2000 the authors
Divisions: Centre for Economic Performance
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HB Economic Theory
Sets: Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Date Deposited: 30 Jul 2008 12:59
Last Modified: 01 Oct 2010 09:14
URI: http://eprints.lse.ac.uk/id/eprint/20167

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