Economics of transition to a market economy

This course examines the policy challenges in emerging markets with an ongoing agenda in economic liberalisation and structural reform. A wide range of countries transition away from a dominant role of the state and towards the principles of a market economy. In emerging Europe and the CIS this process is ongoing, even 25 years after the initial system change, but the countries of the ‘Arab Spring’, and others in Asia, Africa, and Latin America confront similar challenges. At the same time, the end-point of a market based system has become increasingly contested, and policy makers increasingly adopt eclectic models of governance with a more focused role of the state.

The course will review the recent history of economic transition and then study real-world case studies confronted by policy makers. In doing so we will draw on both the growth literature and a wide range of empirical studies, as well as material from the international organisations and development organisations.