By Anders Aslund, Simeon, eds. Djankov
The autumn of communism 25 years in the past remodeled the political and monetary panorama in additional than dozen nations throughout Europe and Asia. during this quantity political leaders, students, and policymakers verify the teachings realized from the “great rebirth” of capitalism, highlighting the rules that have been the main profitable in assisting nations make the transition to sturdy and wealthy marketplace economies, in addition to these instances of nations reverting to political and monetary authoritarianism. The authors of those essays finish that visionary management, and a willingness to take daring and finished steps, completed the easiest results, and that privatization of state-owned corporations and deregulation have been necessary to good fortune. contemporary backsliding, equivalent to the reversal of financial and democratic reforms in Russia and Hungary, has solid a shadow over the legacy of the transition 1 / 4 century in the past, even though.
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Additional info for The Great Rebirth: Lessons from the Victory of Capitalism over Communism
By this time we no longer cared about political realism and discussed fundamental topics such as liberalization, privatization, capital markets, and the foreign trade regime. We dedicated less time to the tax system and the social welfare state. Our discussions were an interesting hobby, but we did not see any light at the end of the tunnel. By chance, however, an important part of our homework became practically relevant in the second half of 1989. A general lesson is that one should be prepared for the window of opportunity by pursuing what appears to be a useless hobby.
The relatively restrictive monetary policy, together with some extra supervisory regulations, helped Poland avoid a housing boom, which in turn helped make it the only country in the European Union to avoid the recession after 2008. In my supervisory job, I encouraged privatization of some banks and the restructuring of the largest state-owned bank. During my tenure, the National Bank of Poland faced two successive unfriendly governments, the postcommunist one and then the government led by Jarosław Kaczyński.
I did not know enough about the welfare state, especially the pension system. This gap probably helps explain why no deeper social spending reforms were included in the package of reforms enacted in December 1989 and—what was worse—why the economic team did not prevent implementation of the fiscally destructive proposals of the Ministry of Labor. I also did not know enough about the tax system. This second gap explains why in 1990 the team accepted the proposal of the International Monetary Fund (IMF) for a conventional progressive personal income tax with three rates—a policy that proved suboptimal.