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| Author: | Frye, T. Shleifer, A. |
| Title: | The invisible hand and the grabbing hand |
| Journal: | American Economic Review
1997 : MAY, VOL. 87:2, p. 354-358 |
| Index terms: | EUROPE, EAST STRUCTURAL CHANGE LIBERALISM ECONOMIC CONDITIONS BUSINESS-GOVERNMENT RELATIONS |
| Language: | eng |
| Abstract: | Several East European economies went through radical liberalization in the 1990's. Poland and Russia adopted similar packages of reforms including almost complete price and trade liberalization, macroeconomic stabilization, large- and small-scale privatization. The Polish economy responded better to the treatment, despite the similarity of reform packages. Why has the Russian entrepreneurial response been weaker? This paper argues that a key reason for this outcome is that there are very different relationships between business and government in these countries. |
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