The first part of the paper analyzes some important common characteristics of socialist economies: chronic shortages in the markets for goods, labor and capital; the limited role of prices and the low price responsiveness of economic units; weak financial discipline and the accountability of State-owned firms; investment and import hunger and forced exports; and the phenomenon of extensive forced growth. The paper gives an assessment of how these characteristics of socialist economies are reflected in the reports prepared by the World Bank. The second part discusses some of the dilemmas which the reform process is facing in socialist countries: the conflict between short-term macro-adjustment and long-term institutional change, and the time-phasing of the reform measures.
Detalhes
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Autor
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Data do documento
1985/03/31
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TIpo de documento
Documento de trabalho departamental
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No. do relatório
CPD8510
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2020/12/05
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Disclosure Status
Disclosed
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Nome do documento
Comments on papers prepared in the World Bank about socialist countries
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Palavras-chave
budget constraint;Socialist economies;Socialist countries;command economy;soft budget constraint;real rate of interest;imports of investment good;investment resource;relative price;hard budget constraint;allocation of investment;demand for import;negative interest rate;relative price change;shortage of material;quality of outputs;sequence of events;ex ante estimates;repayment of credit;consequences of insolvency;price of energy;flow of expenditure;socialist economic system;degree centralization;centrally planned economy;market for good;role of prices;demand for energy;case of failure;tight monetary policy;effect of price;private market economy;socialist system;macro policies;macro policy;market socialism;shortage economy;reform process;institutional change;building material;
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