This paper discusses the key hypotheses which Joseph Stiglitz proposed, in his wide-ranging critique of the “Washington Consensus”, with regard to transition reforms and economic policies in China and Russia. The primary purpose is to evaluate the Stiglitz perspective in the light of...

The rejoinder by the US economists Joseph Stiglitz and David Ellerman (S and E) is welcome above all as a clear acknowledgement that our interpretation of what we called the "Stiglitz Perspective" (but what we apparently should now call the "Stiglitz-Ellerman Perspective") is correct. However, S...