Overview
Marangos illustrates and develops an analytical framework proposing different models of transition for Central, Eastern Europe and the former Soviet Union economies based on a political economy approach. This makes it possible to understand the complexities of the transition process from a new and more enlightened perspective and to take account of the differing opinions of economists. This approach contrasts with the actual approach adopted at the time by the transition economies, which has been dominated by the neoclassical models, in particular, the shock therapy approach.Alternative Economic Models of Transition develops five alternative models: The Shock Therapy model of transition, The Neoclassical Gradualist model of transition, The Post Keynesian model of transition, The Pluralistic Market Socialist model of transition and The Non-Pluralistic Market Socialist model of transition (The Chinese model of transition). By analysing the transition problem from a political economy perspective, it is possible to reveal the inconsistencies within each transition model and between such models and therefore to be able to identify the potentialities regarding the implementation and maintenance of the necessary reforms that each model recommended. In conclusion, an attempt has been made to identify an optimal model of transition, which maximises social welfare.
Contents: The collapse of the Stalinist economic system. Comparative Models of Transition: The analytical framework
The cost of transition. Case Studies: The shock therapy model of transition
The neoclassical gradualist model of transition preventive therapy
The post Keynesian model of transition: developing a civilized society
The pluralistic market socialist model of transition
The non-pluralistic model of market socialism: the Chinese approach. Conclusions: Was there an optimal model of transition?
Appendix
Bibliography
Index. Professor Phillip O'Hara, Curtin University, Australia
"This book is a welcome addition to the literature on transition, particularly with respect to evaluating the contribution of non-economic features to the effectiveness of the transition process…" Professor Christine Rider, St. John's University, New York, USA
"John Marangos provides an original and provocative account of several alternative models of transition from Stalinism to a market economy. His book can be read both as a compelling critique of neoclassical thinking on the transition process and as a set of tantalising speculations on roads not taken in the former Soviet Union and Eastern Europe. His conclusions will stimulate considerable controversy." Professor J. E. King, La Trobe University, Australia
Author Biography: John Marangos is Associate Professor within the Department of Economics at Colorado State University, USA.