Whence Reform? A Critique Of The Stiglitz Perspective

Essay specific features

 

Issue:

Business

 

Written by:

Beverly G

 

Date added:

August 24, 2016

 

Level:

University

 

Grade:

B

 

No of pages / words:

54 / 15097

 

Was viewed:

5049 times

 

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Essay content:

Although some of the points Stiglitz makes are important for understanding what has happened in the transition, this paper argues that his perspective mis-interprets the key facts of the Chinese transition, misdescribes the facts of the Russian transition and fails to consider the theoretical and policy implications of the success of a “third model”, which is represented by some Central European and Baltic transitions...
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Introduction. That the transition from communism is largely over can be seen in the fact that the battle over its historical interpretation has begun1. An early salvo in this battle has been fired by Joseph Stiglitz [1999a and 1999b], at the time Senior Vice-President of the World Bank, in a blistering attack aimed at both the Washington consensus (of the IMF, World Bank and US Treasury) which, he claims, foisted tragically mistaken policies on the countries emerging from communism, and at unnamed ‘western advisers’ who misunderstood both the true nature of capitalism and the nature of the reform process...
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