Democracy and the Market: Political and Economic Reforms in Eastern Europe and Latin America

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Cambridge University Press, Jul 26, 1991 - Business & Economics - 210 pages
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The quest for freedom from hunger and repression has triggered in recent years a worldwide movement toward political democracy and economic rationality. Never have so many people experimented with democratic institutions. At the same time, traditional strategies of economic development have collapsed in Eastern Europe and Latin America and entire economic systems are being transformed on both continents. What should we expect in the countries that venture on the paths to democracy and markets? Will these transitions result in democracies or in new dictatorships? What economic system, new or old, will emerge? This major book analyzes recent events in Eastern Europe and Latin America, focusing on transitions to democracy and market-oriented economic reforms. The author underscores the interdependence of political and economic transformations and draws on extensive local data as part of his analysis. A distinctive feature of the book is that it employs models derived from politics, economics, and game theory. This book will be of particular interest to scholars and graduate students in political science and sociology.
 

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Contents

Democracy
10
How are outcomes enforced under democracy?
15
Transitions to democracy
37
Why do outcomes appear uncertain?
40
Transitions to democracy
51
Liberalization
54
Democratization
66
Contestation
88
Capitalism and socialism
105
What can be reformed?
122
Could we feed everyone?
133
The political dynamics of economic reform
136
Transitional costs of reforms
139
a model
162
Political consequences of economic reforms
180
Conclusions
188

Conclusions
94
Approaches to the study of transitions
95
Capitalism and socialism
100
Methodological preliminaries
101

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Page 7 - Europe between 1848 and 1891 and that had animated social movements all over the world since then — failed, in the East and in the West. True, the values of political democracy and of social justice continue to guide social democrats such as myself, but social democracy is a program to mitigate the effects of private ownership and market allocation, not an alternative project of society.

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