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Under free-market shock therapy, the economies of Eastern Europe have plunged into crisis. Shortages may have disappeared, but so have social services, a living wage, and equitable income distribution. Political unrest increases apace as output plummets. The questions as to why so much stagnation, inflation and de-industrialization have occured, and what can be done to turn this risky state of affairs around, must be addressed. In this critique of the free-market economic policies that have shocked Eastern Europe, such questions are examined in detail. The authors also propose a more sensible approach to reform, including a restructuring of the state itself so that it can play a more positive role in this difficult transition.

Tabla de contenidos provista por Syndetics

• Preface
• From Pseudo-Socialism to Pseudo-Capitalism
• Transition Macroeconomics
• The Black Box of State-Owned Enterprises
• Overloading the Market Mechanism
• Pseudo-Privatization and the World Bank
• Enterprise and the State Challenges
• Facing the State
• Reconstructing the State Economy, Society, and the State
• Notes
• References
• Index

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CHOICE Review

Unorthodox, even heretical, this timely and provocative book has drawn praise from such eminent economists as W. Leontief, R. Heilbroner, J. Kornai, and L. Thurow. Its contention is that inappropriate ideology driven transition policies applied to "psuedo-socialist" Eastern European economies have been responsible for the region's below-potential performance. "Psuedo-capitalist" 18th-century policies, advanced by neoliberal economists and enforced by the Bretton Woods institutions, have undermined the region's human capital, bankrupted viable state enterprises, and led to rising income inequality. "Shock therapy" has been excessively inflationary, has promoted stagnation, and has had a massive deindustrialization effect. The authors assert that the headlong push for privatization has neglected principal/agency problems, failed to recognize that state enterprise operations can crowd in private sector activity, and shunned the potential of German- and Japanese-style cross-shareholding and bank participation. The authors believe the states must take an active role in the reindustrializaton of Eastern Europe; institutions supporting the market system have to arise from within society, which will also defend itself against the worst excesses of capitalism. Compare with Pranab Bardhan and John E. Roemer, Market Socialism, (CH, May'94). Upper-division undergraduate through faculty. B. B. Brown Jr.; Southern Oregon State College