How Capitalism Was Built

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  • Edition: 2nd
  • Format: Paperback
  • Copyright: 2012-11-12
  • Publisher: Cambridge Univ Pr
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Anders Aslund is known to make bold predictions that initially arouse controversy but soon become common wisdom. In his book Gorbachev's Struggle for Economic Reform (1989), he foresaw the collapse of the Soviet political and economic system. When others saw little but chaos, he depicted the success of Russia's market transformation in How Russia Became a Market Economy (1995). After Russia's financial crisis of 1998, although most observers declared the market economic experiment a failure, Aslund foresaw market economic success (Building Capitalism, 2002). In How Capitalism Was Built, Second Edition, he asks - and answers in depth for the twenty-one countries he investigates: - Why did communism collapse? - Why did Russia not choose gradual reforms like China did? - Wherein lies the relative success of postcommunist transformation? - How did the oligarchs arise and decline vis-...-vis authoritarian leaders? Anyone who wants to understand the often confusing postcommunist dramas and to obtain an early insight into the future will find this intellectually stimulating book useful. The second edition includes updates to each chapter as well as new chapters on the impact of the global financial crisis and the European Union on the region.

Table of Contents

Introduction: a world transformed
Communism and its demise
Radical reform versus gradualism
Output: from slump to recovery and boom
Liberalization: the creation of a market economy
From hyperinflation to financial stability
Privatization: the establishment of private property rights
The social system
The politics of transition
From crime toward law
The importance of the European Union
The global financial crisis, 2007-2012
Conclusions: a world transformed
Table of Contents provided by Publisher. All Rights Reserved.

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