How Capitalism Was Built : The Transformation of Central and Eastern Europe, Russia, the Caucasus, and Central Asia

Cover -- How Capitalism Was Built -- Title -- Copyright -- Contents -- Tables and Figures -- Acknowledgments -- Abbreviations -- Introduction: A World Transformed -- OVERVIEW OF THE ARGUMENTS OF THIS BOOK -- Was It Possible to Build Well-Functioning Market Economies in a Few Years? -- Was It Not Inevitable that Capitalism Would Win? -- What Kind of Reforms Have Worked the Best? -- What Has Been the Main Obstacle to Reform? -- Why Was Speed So Important for the Transition? -- Why Didn't Russia Follow the Successful Chinese Model of Economic Reform? -- Why Was the Postcommunist Transition So Arduous? -- Has Output Really Fallen More than During the Great Depression? -- Why Have the Outcomes of the Postcommunist Transformation Varied So Greatly? -- Hadn't a Gradual Dissolution of the Soviet Union Been Better? -- Has Privatization Been Overdone? -- Are Oligarchs Pure Parasites? -- Has Western Aid Been Useful? -- Is the European Union the Best Solution? -- Have the Postcommunist Countries Achieved Sustainable Economic Growth? -- 1 Communism and Its Demise -- REAL SOCIALISM -- The Most Thoroughly Politicized System the World Has Seen -- Zealous Nationalization of the Means of Production -- Centralized Bureaucratic Allocation -- Hierarchical Economic Policy Making -- Prices Were Subordinate and Physical Output Was the Central Objective -- There Was No Real Money -- Mobilization of Resources -- The Building of a Strong Military Industry -- Wages and Private Consumption Were Held Back to the Benefit of Investment and Military Expenditures -- Investment in Human Capital Was the Most Positive Aspect of Socialism -- Each Communist Country Had a National Economic System Aiming at Autarky -- Shortages Were Ubiquitous -- High Growth Rates -- DECLINE AND FALL OF SOCIALISM -- Falling Growth Rates -- Falling Oil Prices -- Challenges from the Arms Race and IT.