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Copyright © Cambridge Political Economy Society

research-article

Against ‘big bang’ in economic transition: normative and positive arguments

Shu-ki Tsang

Hong Kong Baptist University

Abstract

This paper puts forward two major sets of institutional and systems arguments against implementing the ‘big bang’ experiment in the transformation of centrally planned economies: (1) problems arising from the difficulties of establishing criteria for asset valuation in the transition and the large backlog of the ‘implicit contracts of socialism’; and (2) the danger of unleashing uncoordinated changes in subsystems that adjust at significantly different speeds. These arguments, covering both normative and technical considerations, are cast in a relatively broad framework and constitute an additional plea for caution against adventurism in the economic transition.

Manuscript received December 18, 1992; final version received January 7, 1994.


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