Was there an optimum model of transition?
by John Marangos
Global Business and Economics Review (GBER), Vol. 8, No. 1/2, 2006

Abstract: The aim of this paper is to develop and compare alternative models of transition using a political economy approach. As a result, five alternative models of transition are developed: the Shock Therapy, the Neoclassical Gradualist, the Post-Keynesian, the Pluralistic Market Socialist and the Non-pluralistic Market Socialist models of transition. An attempt is made to identify whether, from the models developed, an optimal model of transition existed. The optimality criterion tilts towards the neoclassical gradualist model. It can be argued that the neoclassical gradualist model maximised social welfare under the given internal and external constraints.

Online publication date: Tue, 24-Jan-2006

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