CECO 21A01 - Eastern Europe & China: Reforms & transformation, similarities & differences

The current and recent changes of global economic and geopolitical landscape (increasingly powerful and self-confident China, restoration of Russian military power and ambitions, results of elections and referenda in countries which used to be considered the pillars of global stability) are likely to have profound effects on the future of Europe. Perceived failures of previous economic policies are often mentioned as possible (and likely) explanations of the observed changes; many new parties and leaders were elected with programs which include proposals of rather substantial modifications of future economic policies.

If we want to have a chance to understand the viability of some of the proposed alternatives, as well as the possible economic future of Xi Jinping’s China or Putin’s Russia, it is useful to learn from the past experience of non-market systems of Central and Eastern European countries and from the vast treasure of empirical and theoretical research dedicated to the performance of alternative systems and to socioeconomic transitions.

This course deals with several important economic transitions: the changes from market economies to non-market systems in the first half of 20th century, transitions from central planning in Soviet bloc and market socialism in former Yugoslavia back to market, as well as with the most recent gradual transformation of China and Russia into what can be described as “state capitalism” system. The latest reforms taking place e.g. in Myanmar will be also briefly analyzed.