Abstract (may include machine translation)
Liberalization is a set of policies that apply to overcoming the distortions emanating from administratively managed markets. Originally it was conceived as one of the constituting elements of the four fundamental policies of systemic change, namely stabilization, liberalization, institution building, and privatization. Opening up markets and substituting administrative constraints with monetary ones were seen to be instrumental in overcoming soft budget constraints and shortages. It was also considered to be an easy measure to be sequenced early on. In hindsight incomplete liberalization has proven to be a major stumbling block to market building, in part because many markets— such as energy, transport, healthcare—remained monopolized. Furthermore, statist turns of the 2010s led to nationalization and monopolization in previously privatized sectors. Protectionism and national champions returned, limiting competitiveness and efficiency.
Original language | English |
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Title of host publication | The Handbook of Political, Social, and Economic Transformation |
Place of Publication | Oxford |
Publisher | Oxford University Press |
Chapter | 58 |
Pages | 547-551 |
Number of pages | 5 |
ISBN (Print) | 9780198829911 |
State | Published - 2019 |