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Stabilisation and Reform Sequencing in the Soviet Economy

Published online by Cambridge University Press:  17 August 2016

Domenico Mario Nuti*
Affiliation:
European University Institute, Florence
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Summary

This paper reviews the progress of Soviet economic reform and investigates the reasons for its apparent lack of success. It is argued that Soviet economic reform has failed to complete itself, on a large enough scale and in the correct sequence. The missing steps are: economic stabilisation; the severance of enterprise links with central government bodies, the abolition of the monopoly power of large enterprises and their associations, the guarantee of the strictly residual nature of enterprise income. The paper proposes a tentative sequencing of policies and institutional changes, giving primacy to domestic stabilisation.

Résumé

Résumé

Cet article survole l'avancement des réformes économiques en URSS et s'interroge sur les raisons de leur apparent manque de succès. Il défend que la réforme économique soviétique ne s'est pas accomplie entièrement, ni sur une échelle suffisamment large, ni dans une séquence appropriée. Les étapes manquantes se nomment stabilisation (macro-) économique, abandon des liens entre entreprises et organisme du gouvernement central, abolition du pouvoir de monopole des grandes entreprises et de leurs associations, garantie du caractère strictement résiduaire du revenu de l'entreprise. Cet article s'essaie à proposer un séquencement des politiques et modifications institutionnelles qui donne la priorité à la stabilisation domestique.

Keywords

Type
Research Article
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1990 

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Footnotes

*

An earlier version of this paper was presented to the Seminar on “Economic Reform in the Soviet Union; Implications for External Economic Relations”, held on 21 and 22 November 1989 at the Commission of European Communities, DG-II, Brussels, with the participation of the Soviet Deputy Prime Minister L. I. Abalkin; Drs. E. I. Kapustin, V. L. Makarov, S. M. Menshikov, N. A. Petrakov, Professors I. Grossman, M. Lavigne, G. Roland, and EC officials A. M. Costa, M. Emerson, H. Krenzler. This version has been revised in the light of comments and updated but responsibility for the views expressed here rests solely with the author.