"Rebuilding Russia: a Balanced Approach to Economic Transition, Economic Ideas Leading to the 21st C (Hardcover)

Managing the transition to a market economy in Russia has been one of the major politico-economic challenges of recent times. It is now clear that the shock therapy tactics initiated in Russia in 1992 have had disastrous consequences. Misguided transition strategies are clearly not only a tragedy for the Russian people but a threat to world economic stability. The debate on the efficacy of shock therapy, and of an alternative gradualist strategy, is vigorous.

The contributors to this important volume, including moderate Russian leaders and three Nobel laureates, offer an alternative approach to shock therapy for bringing about liberalization, political stability and economic growth in Russia. The book aims to improve public understanding, both in Russia and in the west, of the issues involved in the governing of this post-authoritarian country, what the role of government should be in facilitating adjustment, building institutions and ensuring a harmonious relationship between itself and the market.

Part I offers a Russian perspective on the failure of shock therapy. Part 2 applies economic concepts to an understanding of the role of government in economic transition. Part 3 explores the historical origins and socio-economic characteristics of the crisis of the late 1990s. Part 4 offers recommendations -- including overall agenda reform, proposals for particular sectors, and a comprehensive list of specific measures.