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Weltwirtschaftliches Archiv

, Volume 129, Issue 2, pp 216–253 | Cite as

From plan to market: On the nature of the transformation crisis

  • Holger Schmieding
Articles

Abstract

From Plan to Market: On the Nature of the Transformation Crisis. — Traditional neoclassical theory is ill-suited to explain why the transition from a grossly distorted to a far more rational economic system is going along with a fall in value added in Europe’s emerging market economies. Whereas Keynesian-type arguments, including the credit-crunch hypothesis, may account for some features of the exact time profile of the slump, the transformation crisis itself cannot be explained by these considerations. The paper argues that an institutional near-vacuum is a major cause of the crisis. While the old institutions for coordinating a complex pattern of economic activities are defunct, the new and ultimately far superior arrangements are not yet firmly established. The resulting institutional deficiencies, together with some inconsistencies in the time profile of the transformation process, impair an effective and reliable coordination of an extended division of labour in space and time.

Keywords

Gross Domestic Product Real Wage Socialist Economy Bank Credit World Market Price 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Zusammenfassung

Von der Plan- zur Marktwirtschaft. Zur Natur der Transformationskrise. — Die traditionelle neoklassische Theorie ist schlecht dafür geeignet zu erklären, weshalb der Übergang von einem stark verzerrten zu einem weit rationaleren Wirtschaftssystem von einem Rückgang der Wertschöpfung in den entstehenden Marktwirtschaften Europas begleitet ist. Die keynesianischen Argumente einschlieβlich der Hypothese von der Kreditknappheit mögen zwar einigen Besonderheiten im genauen Zeitprofil des Niedergangs Rechnung tragen, die Transformationskrise selbst kann aber durch diese Überlegungen nicht erklärt werden. Der Verfasser ist vielmehr der Ansicht, daβ ein nahezu vollständiges institutionelles Vakuum eine Hauptursache der Krise ist. Während die alten Institutionen zur Koordinierung eines komplexen Netzes von Wirtschaftstätigkeiten hinfällig sind, haben sich die neuen und letztlich weit überlegenen Einrichtungen noch nicht fest etabliert. Die institutionellen Mängel, die sich daraus ergeben, sowie einige Unstimmigkeiten im Zeitprofil des Transformationsprozesses beeinträchtigen eine wirksame und verläβliche Koordinierung der Wirtschaftsaktivitäten in räumlicher und zeitlicher Hinsicht.

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© Institut fur Weltwirtschaft an der Universitat Kiel 1993

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  • Holger Schmieding

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