search query: @indexterm POLITICAL ECONOMY / total: 438
reference: 89 / 438
| Author: | Marangos, J. |
| Title: | A Political Economy Approach to the Neoclassical Model of Transition |
| Journal: | American Journal of Economics and Sociology
2002 : JAN, VOL. 61:1, p. 259-278 |
| Index terms: | POLITICAL ECONOMY NEO-CLASSICAL ECONOMICS MODELS MODEL TESTING TRANSITION ECONOMIES |
| Language: | eng |
| Abstract: | The neoclassical model of transition from a centrally- administered socialist economic system to a market based economic system was implemented in Russia and Pastern Europe. The neoclassical process took the form of either shock therapy or gradualism. However, each approach actually involved a combination of shock therapy and gradualist policies, making the distinction between the two approaches unfounded. In addition both approaches suffered by the innate inadequacies of neoclassical economic analysis as being politically/institutionally naked. Both shock therapy supporters and gradualist neoclassical economists did not provide a specific process of institutional development, favoring a gradual market- driven institutional outcome. |
SCIMA