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.
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