Were the Chinese reforms a feasible alternative for transition economies?
Purpose – To examine China's reforms and successes could have been replicated to other transition economies. Design/methodology/approach – The applicability of the Chinese process as an alternative for transition economies involves an analysis of the necessary reforms regarding price liberalisation-stabilisation; privatisation; institutions; monetary policy and the financial system; fiscal policy; international trade and foreign aid and social policy. Findings – The transition process in China has maintained political-ideological authoritarianism and state control of the whole economy. Therefore, it was not the “special initial conditions” of China that made the model inappropriate but, rather, the switch to a democratic political-ideological-economic structure in transition economies. Originality/value – The paper contributes to the transition literature by demonstrating that the strategy was only rendered workable in China, as the governments of transition economies neither had the mandate nor wanted to reimpose tight state direction of the politics, ideology and economy.
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