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The Inefficiency of Laissez-Faire in Russia: Hysteresis Effects and the Need for Policy-Led Transformation

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In the first part of this paper we present an unconventional theoretical analysis of the failure of shock therapy in reforming the Russian economy. The inefficiency of the self-generated transitional process is explained in terms of multiple institutional and structural hysteresis effects such as agency failure, government and market failures, and de facto free banking. These failures are not mitigated by the passage of time, but instead become more and more integrated into the emerging market economy. Based on this analysis, in the second part we present some key elements of a coherent and comprehensive policy-led transformation design and implementation needed to put the transitional process on the right track. J. Comp. Econom., August 1994, 19(1), pp. 88-116. Center of Economic and Political Research, Moscow, Russia; and Yokohama City University, 22-2, Seto, Kanazawa-ku, Yokohama 236, Japan.

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2020 Political Entropy 2019 The Putin System 2011 Realeconomik: The Hidden Cause of the Great Recession (And How to Avert the Next One) 2000 Incentives and Institutions 1996 Das neue Rußland. Demokratische Reformen als letzte Chance 1994 The Inefficiency of Laissez-Faire in Russia: Hysteresis Effects and the Need for Policy-Led Transformation 1991 500 Days: Transition to Market 1991 Window of Opportunity: The Grand Bargain for Democracy in the Soviet Union 1991 500 Tage zur Marktwirtschaft. Die Pläne der Reform-Ökonomen
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The Putin System

A new book
by Grigory Yavlinsky
Columbia University Press, 2019