Institutions, Recessions and Recovery in the Transitional Economies

摘要

In the early 1990s, after the collapse of the Berlin Wall and the break-up of the Soviet Union, many economists argued that the post-communist countries could rapidly develop a capitalist and market system. Some held the market order would rapidly germinate and grow once the old state bureaucracies were swept away. As the influential Western advisor Jeffrey Sachs (1993, xxi) contended: "markets spring up as soon as central planning bureaucrats vacate the field."