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7 Transition

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Karl Marx Adam Smith Transition
Transition Recession GDP decline greater than in US during Great Depression Russia 50% Ukraine 60% Uzbekistan 20% Georgia 77% Belarus 37% Kazakhstan 39 Moldova 69% Lithuania 46% Latvia 39% Estonia 36% CEE avg 22%
Country New Currency Ruble Exchange Rate Introduced Armenia Dram 200 1993 Azerbaijan Manat 10 1992 Belarus Ruble 10 1992 Estonia Kroon 10 1992 Georgia Lari 1 1993 Kazakhstan Tenge 500 1993 Kyrgyzstan Som 200 1993 Latvia Rublis 1 1992 Lithuania Talonas 1 1991 Moldova Cupon 1 1992 Tajikistan Ruble 100 1995 Turkmenistan Manat 500 1993 Ukraine Karbovanets 1 1992 Uzbekistan Som 1 1992
Structural Legacies of Socialism ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Need Institutional Reform ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Transition Debate: Sequencing and Speed ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Russian Shock Therapy, 1992 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Yeltsin 1992-99
Hyperinflation, 1992-94 ,[object Object],[object Object],[object Object],[object Object],[object Object]
Crisis: 1992-94 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Gaidar
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Privatization: Challenges
Russian privatization Stage Zero 1988-91 : Spontaneous Privatization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Russian Privatization Stage One 1992-94 : Mass Voucher Privatization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Russian Privatizaton Stage Two, 1994-95 : Cash Auctions (loans for shares) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Comparison of share prices of two major enterprises
Criticism of Privatization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Joseph Stiglitz, 2001 Nobel Prize in Economics
Eastern Europe ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Demonetization: 1992-98 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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7 Transition

  • 1. Karl Marx Adam Smith Transition
  • 2. Transition Recession GDP decline greater than in US during Great Depression Russia 50% Ukraine 60% Uzbekistan 20% Georgia 77% Belarus 37% Kazakhstan 39 Moldova 69% Lithuania 46% Latvia 39% Estonia 36% CEE avg 22%
  • 3. Country New Currency Ruble Exchange Rate Introduced Armenia Dram 200 1993 Azerbaijan Manat 10 1992 Belarus Ruble 10 1992 Estonia Kroon 10 1992 Georgia Lari 1 1993 Kazakhstan Tenge 500 1993 Kyrgyzstan Som 200 1993 Latvia Rublis 1 1992 Lithuania Talonas 1 1991 Moldova Cupon 1 1992 Tajikistan Ruble 100 1995 Turkmenistan Manat 500 1993 Ukraine Karbovanets 1 1992 Uzbekistan Som 1 1992
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13.
  • 14. Comparison of share prices of two major enterprises
  • 15.
  • 16.
  • 17.