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Whence Reform? A Critique of the Stiglitz Perspective
By Marek Dabrowski, Stanislaw Gomulka and Jacek Rostowski

Abstract.

This paper discusses the key hypotheses which Joseph Stiglitz proposed, in his wideranging
critique of the ‘Washington Consensus’, with regard to transition reforms
and economic policies in China and Russia. The primary purpose is to evaluate the
Stiglitz perspective in the light of empirical evidence, including the experience of
countries outside China and Russia. Although some of the points Stiglitz makes are
important for understanding what has happened in the transition, this paper argues
that his perspective mis-interprets the key facts of the Chinese transition, misdescribes
the facts of the Russian transition and fails to consider the theoretical and
policy implications of the success of a “third model”, which is represented by some
Central European and Baltic transitions.
! Journal of Economic Literature Classification Numbers:......

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Approximate Word Count: 14674
Approximate Pages: 59 (250 words per double-spaced page)

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