Reference no: EM13762409

Explain how Poland provides an example of alternative strategies to those advocated by the Washington Consensus. To what extent did Poland use "shock therapy"? To what extent did it pursue the gradualist approach?

Explain how China provides an example of alternative strategies to those advocated by the Washington Consensus. To what extent did China use "shock therapy"? To what extent did it pursue the gradualist approach?

According to Stiglitz, "The contrast between China's strategy and that of Russia could not be clearer." What are the differences between the two strategies?

Describe China's process of creative destruction.

In its quest for both stability and growth, what objectives did China put ahead of privatization and restructuring existing enterprises? Why?

Provide examples of why Stiglitz claims "The ultimate irony is that many of the countries that have taken a more gradualist policy have succeeded in making deeper reforms more rapidly."

What was the role of township and public enterprises in the early years of China's economic transition? What was the IMF's attitude toward these enterprises?

Poland and China show that there were alternative transition strategies to the ones adopted in Russia. Why might those strategies not work in Russia? What are the differences in political, social, and historical context between Poland, China, and Russia?

What is the excuse of the shock therapists and why is Stiglitz not convinced by it?

If the transition from communism to a market economy is perceived as a race between the tortoise and the hare, which countries are examples of tortoises (i.e., adopting gradualist policies) and which countries are examples of hares (i.e., adopting shock therapy)? Who one the race? Which approach has been more successful?

What is the one benefit of Russia's 1998 crisis? How and why it is a benefit?

What should Russia encourage that goes beyond its focus on macrostabilization? How have IMF policies helped or hindered this effort?
Explain why Stiglitz says Russia needs to impose a federalist government structure "that provides compatible incentives at all levels."

What does Stiglitz say is "one factor essential to establishing a good business climate," and why does he say it will "prove particularly difficult to achieve given what has happened over the past decade?

What changes does Stiglitz suggest for Russia's tax policy?

Provide a brief summary of the "bleak picture of Russia in transition."