Commentary
Regulation, not embargo, allows Beijing to shape how other countries and firms adapt to its terms.
Alvin Camba
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REQUIRED IMAGE
Other
Building Capitalism: Lessons of the Postcommunist Experience
Published on Dec 12, 2001
Source: Carnegie
One decade of postcommunist transformation has brought widely differing outcomes to the countries of the former Soviet bloc, ranging from fairly normal market economies to state-owned and state-controlled economies.
These economic systems and their performance have directly resulted from the policies the countries pursued. No country has suffered from too radical reforms-liberalization, stabilization, and privatization have driven growth. The main problem limiting growth in countries with gradual or no reforms is the rent seeking caused by transitional market distortions.
Countries with more effective democracies have produced better market reforms, because the voices of liberal market reformers are more likely to be heard in the struggle with the rent-seeking elite who would continue attempting to make money on the very transition.
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About the Author
Anders Åslund has been a senior associate in the Russian and Eurasian Program at the Carnegie Endowment since 1994. He is a leading specialist on post-communist economic transformation, especially in Russia and Ukraine. He has served as a senior economic adviser to the governments of Russia, Ukraine, and Kyrgyzstan.
A prolific writer, Åslund has authored six books and edited nine. Most recently, he has authored Building Capitalism: The Transformation of the Former Soviet Bloc. He is a member of the Russian Academy of Natural Sciences and is an honorary professor of the Krygyz National University.
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
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