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Constructing a Market Economy
Diverse Paths from Central Planning in Asia and Europe
During the 1990s over two dozen countries in Europe and Asia underwent a transition from centrally planned to more market-oriented economies. In Constructing a Market Economy, Richard Pomfret reviews their diverse experiences and assesses the outcome of transition in each case. The book includes an extensive review of empirical evidence and, uniquely, aims to cover all the transition economies in a comparative fashion rather than focusing on any particular country. The author discusses the evolving thinking surrounding transition as shaped by experiences, tracing out the shifting emphasis from macro to micro issues and increased concerns about governance and institutions. By placing each transition within its historical context and paying attention to variations across countries and over time, the book draws conclusions about the key elements of a market economy and how they can be achieved. Researchers and academics will warmly welcome this addition to the transition studies literature as will those interested in development studies.
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What Reviewers Are Saying
'In sum, this is an excellent volume. It is highly recommended for anybody looking for an accessible, comprehensive, thoughtful and balanced overview of the record of transition economies, their challenges, and the lessons learnt. Although the primary focus is on this group of economies, there is much of interest on development economics and the political economy of reform more generally.' -- Hal Hill, Economic Analysis and Policy 'This book endeavors to get a quart into a pint pot and succeeds admirably. In a scant 133 pages of text, Pomfret recounts the experiences of the countries that spent the 1990s transforming themselves from centrally planned to market economies. He does so with an economy of verbiage and clarity of presentation that makes the volume a pleasure to read. A particular strength of his style is the ability to convey a wealth of information in the lead sentence of almost every paragraph. The quality of the writing enriches the analysis and adds conviction to the author's arguments.' -- Nicholas Hope, Journal of Economic Literature 'Constructing a Market Economy represents a significant advance over Richard Pomfret's earlier works on central and south Asian economies, for this work tackles the full historic record of transition ... this book should be required reading for all those interested in the diverse paths toward a market economy followed by the transition countries.' -- Yelena Kalyuzhnova, Slavic Review 'Constructing a Market Economy by Richard Pomfret is a meticulous and scholarly study of recent economic upheavals among the small nations in Europe and Asia during the 1990s. Accessibly presented empirical evidence underlies the broader postulates and conclusions in the insightful analysis, which primarily focuses upon the different types of transition economies, rather than dwelling inordinately upon the economy of any one nation. A serious, thoughtful, college-level account, Constructing a Market Economy is a welcome and significant contribution to academic International Economic Studies reference collections and supplemental reading lists.' -- The Midwest Book Review - Reviewer's Bookwatch