Government and Markets: An Introduction

Bernard Steunenberg, Hendrikus J. Blommestein

Research output: Chapter in Book/Report/Conference proceedingChapterAcademic

Abstract

After the breakdown of the socialist regimes in Central and Eastern Europe and, somewhat later, the former Soviet Union these countries indicated that they were going to introduce as quickly as possible a market economy based on a democratic constitutional order. Initially, there was great enthusiasm and optimism in both East and West, and the general expectation was that the problems connected with such a transformation could be solved fairly smoothly and rapidly. However, the transformation from a planned socialist system into a civil market economy turned out to be a process fraught with many unexpected difficulties (Blommestein 1993a). The ultimate objective is clear: the introduction of a competitive market system with a much smaller and efficient public sector. The starting-point, however, appeared to be less clear in the sense that most reformers underestimated the problems associated with large inefficient bureaucracies and economies dominated by a noncompetitive industrial sector and an underdeveloped service sector.
Original languageEnglish
Title of host publicationGovernment and Markets
Subtitle of host publicationEstablishing a Democratic Constitutional Order and a Market Economy in Former Socialist Countries
EditorsHendrikus J. Blommestein , Bernard Steunenberg
Place of PublicationDordrecht
PublisherKluwer Academic Publishers
Pages1-14
Number of pages15
ISBN (Electronic)978-94-015-8366-4
ISBN (Print)978-90-481-4455-6
DOIs
Publication statusPublished - 1994

Publication series

NameInternational studies in economics and econometrics
PublisherKluwer Academic Publishers
Volume32

Keywords

  • Market economy
  • Financial institution
  • Social institution
  • Institutional change
  • Market institution

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    Steunenberg, B., & Blommestein, H. J. (1994). Government and Markets: An Introduction. In H. J. Blommestein , & B. Steunenberg (Eds.), Government and Markets: Establishing a Democratic Constitutional Order and a Market Economy in Former Socialist Countries (pp. 1-14). (International studies in economics and econometrics; Vol. 32). Dordrecht: Kluwer Academic Publishers. https://doi.org/10.1007/978-94-015-8366-4_1