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Christian von Hirschhausen. Modernizing Infrastructure in Transformation Economies: Paving the Way for European Enlargement. Cheltenham, UK and Northamton, MA: Edward Elgar Press, 2002. xii, 267 pp. $85.00.

Christian von Hirschhausen. Modernizing Infrastructure in Transformation Economies: Paving the... Christian von Hirschhausen. Modernizing Infrastructure in Transformation Econo- mies: P a v i n g the Way f o r E u r o p e a n Enlargement. Cheltenham, UK and Northam- ton, MA: Edward Elgar Press, 2002. xii, 267 pp. $85.00. When a Western economist starts to think seriously about countries trying to re- orient their economies away from socialism toward capitalism, an unfortunate fact be- comes painfully evident. Over 21/ � centuries since the 1776 publication of Adam Smith's Wealth o f Nations, we still do not understand why some economies work and some economies fail. We do understand some things. We know what a healthy market economy looks like - relative prices determined in competitive markets, a large free trade zone, de- centralized decision making, well-defined and effectively-enforced private property rights, limited regulation, and effective stabilization policies. We know that lacking these reforms an economy will perform poorly. An obvious question is if what we need to do is so obvious, then why don't we do it? In the aftermath of the collapse of the Soviet system, some of the world's best economists tried to guide new states toward these reforms. They failed. They knew http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Canadian-American Slavic Studies Brill

Christian von Hirschhausen. Modernizing Infrastructure in Transformation Economies: Paving the Way for European Enlargement. Cheltenham, UK and Northamton, MA: Edward Elgar Press, 2002. xii, 267 pp. $85.00.

Wykoff, FrankC.
Canadian-American Slavic Studies , Volume 40 (4): 583 – Jan 1, 2006
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Publisher
Brill
Copyright
© 2006 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0090-8290
eISSN
2210-2396
DOI
10.1163/221023906X00492
Publisher site
See Article on Publisher Site

Abstract

Christian von Hirschhausen. Modernizing Infrastructure in Transformation Econo- mies: P a v i n g the Way f o r E u r o p e a n Enlargement. Cheltenham, UK and Northam- ton, MA: Edward Elgar Press, 2002. xii, 267 pp. $85.00. When a Western economist starts to think seriously about countries trying to re- orient their economies away from socialism toward capitalism, an unfortunate fact be- comes painfully evident. Over 21/ � centuries since the 1776 publication of Adam Smith's Wealth o f Nations, we still do not understand why some economies work and some economies fail. We do understand some things. We know what a healthy market economy looks like - relative prices determined in competitive markets, a large free trade zone, de- centralized decision making, well-defined and effectively-enforced private property rights, limited regulation, and effective stabilization policies. We know that lacking these reforms an economy will perform poorly. An obvious question is if what we need to do is so obvious, then why don't we do it? In the aftermath of the collapse of the Soviet system, some of the world's best economists tried to guide new states toward these reforms. They failed. They knew

Journal

Canadian-American Slavic Studies – Brill

Published: Jan 1, 2006

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