The political economy of “big bang”: free market vs. new Keynesian perspective
DOI:
https://doi.org/10.13133/2037-3643/10629Keywords:
Eastern Europe, transition,Abstract
In the transition of Eastern Europe to democracy and capitalism a debate ensued between those who believed in establishing a market economy and those who preferred that post-communist countries move along some “third road”. However, within the camp of those who preferred capitalism, made up of both free marketeers and new Keynesians, there were substantial differences. The work highlights the impact of these differences on respective assessments of the political economy of transition.
JEL: P20, P26
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