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CHAPTER 36 Economic Growth in Developing and Transitional Economies
The Transition to a Market Economy
Six Basic Requirements for Successful Transition
Economists generally agree on six basic
requirements for a successful transition to a
market-based system:
(1) macroeconomic stabilization,
(2) deregulation of prices and liberalization of
(3)
(4)
(5)
(6)
trade,
privatization of state-owned enterprises and
development of new private industry,
establishment of market-supporting
institutions such as property and contract laws
and accounting systems,
a social safety net to deal with unemployment
and poverty, and
external assistance.
© 2009 Pearson Education, Inc. Publishing as Prentice Hall Principles of Economics 9e by Case, Fair and Oster
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