How Capitalism Was Built: The Transformation of Central and Eastern Europe, Russia, and Central Asia
by Anders Aslund
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Book Summary Information
Author: Anders AslundEdition: Paperback
Published: 2007-08-27
ISBN: 0521683823
Number of pages: 372
Publisher: Cambridge University Press
Book Reviews of How Capitalism Was Built: The Transformation of Central and Eastern Europe, Russia, and Central Asia
Book Review: huge social changes
Summary: 4 Stars
In the 15 or so years after the end of the Cold War, vast economic changes rippled through the Warsaw Pact countries. Aslund chronicles the sometimes unsteady transition from centrally planned economies to market based approaches. Much had to be done. Privatisation was fundamentally different from what happened under that label in the existing capitalist countries. The latter always had strong private sectors. But in the countries surveyed here, privatisation in some cases meant selling off most of a country. Difficult issues of how to "spin off" housing, land and commercial real estate.
The rise of the Russian oligarchs gets an entire chapter. Explaining how in the Russian rush to privatise, a few nimble men (and they were all men) managed to acquire vast assets from the state. For the most part, they were able to parlay these into huge conglomerates, and sidestep troublesome questions of fairness.
Interesting comparisons are made to the robber barons of the US in the late 19th century. One key difference is that the oligarchs are proved unable to resist Putin's assertion of centralised rule. While in the US, the barons were able to largely hold off Washington for decades.
Summary of How Capitalism Was Built: The Transformation of Central and Eastern Europe, Russia, and Central Asia
How Capitalism Was Built tells the story of how the former communist countries in East and Central Europe, Russia, and Central Asia became market economies from 1989 to 2006. It discusses preconditions, political breakthroughs, and alternative reform programs. Three major chapters deal with the deregulation of prices and trade, price stabilization, and privatization. Early radical reform made output decline the least. Social developments have been perplexing but mixed. The building of democracy and the establishment of the rule of law have been far less successful. International assistance has been limited but helpful. This region has now become highly dynamic, but corruption remains problematic.How Capitalism Was Built tells the story of how the former communist countries in East and Central Europe, Russia, and Central Asia became market economies from 1989 to 2006. It discusses preconditions, political breakthroughs, and alternative reform programs. Three major chapters deal with the deregulation of prices and trade, price stabilization, and privatization.
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