The Restructuring of Romania's Economy: A Paradigm of Flexibility and Adaptability FROM THE PUBLISHER
Given the political, financial, social, and economic conditions inherited from Communist rule, Romania's new government concluded that a shock therapy approach to reform would create unmanageable chaos and enduring instability. Though committed to economic liberalization, decisionmakers espoused a gradualist approach to economic reform. The government pursued its objectives by implementing policies it considered functionally operational. Although Romania experienced the macro dislocations and downturns that are common in transitional economies in the region, the country sustained shallower recessions, lower inflationary spirals, and shorter production losses than many reforming economies. This study analyzes how, against calculated probabilities and within a relatively short time period, Romania has stabilized and assembled all the basic ingredients for a successful transformation from a centralized system to a market-driven economy.
SYNOPSIS
Analyzes how Romania, through a gradualist approach, has stabilized and assembled the ingredients for a successful transformation to a market-driven economy.
FROM THE CRITICS
Booknews
Shen (economics, U. of Detroit) argues that Romania has already stabilized and assembled all the basic ingredients for a successful transformation from a communist to a capitalist economy. He combines document research and field interviews to examine the process and describe the distinct approach to reform that he finds uniquely suited to the country's conditions. He also reviews the history and legacy and looks at prospects for further developments. Annotation c. by Book News, Inc., Portland, Or.
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