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• W2076358784 abstract "The neoclassical model of transition from a centrally‐administered socialist economic system to a market‐based economic system was implemented in Russia and Eastern 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, favouring a gradual market‐driven institutional outcome. With regard to the political structure, democracy was inconsistent with shock therapy, while active state intervention during transition was inconsistent with the ultimate goal of the gradualist neoclassical economists of competitive capitalism." @default.
• W2076358784 created "2016-06-24" @default.
• W2076358784 creator A5044877930 @default.
• W2076358784 date "2002-01-01" @default.
• W2076358784 modified "2023-10-16" @default.
• W2076358784 title "A Political Economy Approach to the Neoclassical Model of Transition" @default.
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• W2076358784 doi "https://doi.org/10.1111/1536-7150.00159" @default.
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