Overview

The transition to capitalism in former socialist economies is one of the main economic events of the last decade. Besides affecting approximately 1.65 billion people, it is contributing to a shift in emphasis in economics from standard price and monetary theory to contracting and its institutional environment. Economic research in transition shows not only that institutions matter but also how their evolution toward higher efficiency depends on initial conditions and on sustained political support. Unlike early policy literature on transition economics, which focused on the so-called Washington consensus, this book provides an overview of current research, analysing issues raised by transition for which economic theorists and policy makers had no ready answers. It shows how research on transition contributes to our understanding of capitalism as an economic system and of the dynamics of large-scale institutional change. No other book presents a comprehensive theory to explain the difference between private and public enterprises.

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9780262681483

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"""This book by a leading contributor to transition economics is one of the few monographs in the field that is rigorous and model-oriented throughout.... A thorough and comprehensive treatment of important microeconomic questions in transition economics."" - Carsten Hefeker, Journal of Institutional and Theoretical Economics"""

This book by a leading contributor to transition economics is one of the few monographs in the field that is rigorous and model-oriented throughout.... A thorough and comprehensive treatment of important microeconomic questions in transition economics. - Carsten Hefeker, Journal of Institutional and Theoretical Economics

Author Information

Masahiko Aoki is Henri H. and Tomoye Takahashi Professor of Japanese Studies in the Department of Economics at Stanford University.

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