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" Market-oriented Systemic Transformations in Eastern Europe : "
by Paul J.J. Welfens.
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BL
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715864
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b538018
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by Paul J.J. Welfens.
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Market-oriented Systemic Transformations in Eastern Europe : : Problems, Theoretical Issues, and Policy Options\ by Paul J.J. Welfens.
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| Publication Statement
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Berlin, Heidelberg: Springer Berlin Heidelberg, 1992
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1(XII, 264 Seiten)
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| ISBN
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3642581404
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: 3642634826
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: 9783642581403
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: 9783642634826
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| Contents
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A: Characteristics of the Centrally Planned Economy and Systemic Collapse.- 1. The Rise and Fall of Marxist Theory and Socialism.- 1.1 The Crisis of the Socialist Systems in Eastern Europe.- 1.2 Some Stylized Facts.- 2. Distortions of Socialist Economics.- 2.1 The Monopoly Problem.- 2.2 Innovation Gap, Inefficient Investment and Stagnation.- 2.3 State-administered Allocation of Goods and the Pricing Rules.- 2.4 Tendency to Build up Reserve Capacities.- 2.5 Quasi-inflation in the Socialist Economy.- 2.5.1 Administered Prices and Preferential Supply in the Official Economy.- 2.5.2 The Dynamics of the Socialist Shadow Economy.- 2.5.3 Differentiated Product Supply in a Command Economy.- 3. Stagnation and Collapse.- 4. Dramatic Changes in Eastern Europe.- Appendix Al: Quality Gaps in Socialism Modelled in a SALOP-SALANT Approach.- B: Inefficiency, Instability, and Restricted Options.- 1. Introduction.- 2. The Scope of Transformation and the Sequencing Issue.- 2.1 Dimensions of the Transformation Problem.- 2.2 Distortions and the Need for Efficiency and Stabilization.- 2.3 The Inefficiency Problem.- 2.3.1 The Starting Point - Inefficiency and Adjustment Costs.- 2.3.2 Neutralizing Distortions as a Second-Best Strategy.- 2.4 Monetary Stabilization: Need, Process and Effects.- 3. Restricted Options in Transforming Socialist Economics.- 3.1 Fiscal Policy and Monetary Stabilization.- 3.2 Side-Constraints: The Income Distribution Issue.- 3.3 Joint Systemic Transformation and Regional Cooperation?.- 3.4 Some Lessons from the Asian NICs and Latin America.- C: Privatization and Foreign Investment in Eastern Europe.- 1. In Search of Private Owners and Entrepreneurship.- 1.1 The Economic Challenge of Privatization.- 1.2 Early Developments in Privatization and Foreign Investment in Eastern Europe.- 2. Privatization and Resistance to Systemic Change.- 2.1 Basic Issues of Privatization.- 2.2 Macroeconomic, Organizational and Strategic Problems.- 2.2.1 Political Rationale versus Economic Rationale.- 2.2.2 Devaluation, Wealth and Welfare.- 2.2.3 Restitution without Privatizing Foreign Debt?.- 2.2.4 Compensation vs. Restitution.- 2.2.5 Ownership Structure Problems.- 2.2.6 Strategics for Privatization.- 2.3 Rent-Seeking and Wage Bargaining: The Role of Privatization.- 2.4 Asset Prices and Sequencing.- 3. Economic Challenges of Foreign Direct Investment in Eastern Europe.- 3.1 Some Links between Privatization and FDI.- 3.2 Role of FDI in Economic Development: Some New Aspects.- 3.3 Information Costs and Common Investment Policies.- 3.4 How Significant Can Foreign Direct Investment Be?.- 3.5 Regional Diversification.- 3.6 "C1ub Goods" in Host Countries.- 4. Normative Conclusions for Policy Concepts.- Appendix C1: Competition and Prices in Systemic Transition.- D: Foreign Economic Liberalization in Eastern Europe.- 1. The Challenge of Foreign Economic Liberalization.- 1.1 Convertibility.- 1.2 Expected Macroeconomic Effects of Foreign Economic Liberalization.- 2. Strategic Role of Foreign Economic Liberalization.- 2.1 Import Competition.- 2.2 Export Liberalization.- 2.3 Sequencing and Foreign Direct Investment.- 2.3.1 Demonopolization.- 2.3.2 Strategic Role of FDI.- 2.4 Links between Trade Liberalization and Foreign Direct Investment.- 3. Liberalization and Economic Integration.- 3.1 The Role of the EC.- 3.2 West European Integration and Eastern Europe.- 4. Role of a New Marshall Plan.- Appendix D1: Ratio of Consumer Surplus to Producer Surplus.- Appendix D2: A New Supply-augmented IS-LM Model.- Appendix D3: Exports to European A Partners as a Percentage of Total Exports.- E: East-West Problems in Europe and North-South Conflicts.- 1. The New Europe.- 2. Economic Aspects of Instability and Conflict in Europe.- 2.1 Is Europe Returning to the Interwar Period?.- 2.2 Replacing Coercion with Positive Economic Interdependence.- 2.3 Politico-economic Aspects of the East European Transformation.- 2.4 The Role of the New Germany.- 3. North-South Conflicts and Global Aspects.- 3.1 "De-socialization" of Developing Countries: Changing North-South Conflicts.- 3.2 New Global Security Structures.- 3.3 Proliferation Problems and the Need for a New Schuman Plan.
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| Abstract
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Socialist economies in Eastern Europe have collapsed and em-barked upon market-oriented reforms. Difficultchoices await decison-makers in economic policy and thebusiness community in Eastern Europe and in leading marketeconomies.
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Economics.
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Paul J J Welfens
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