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The Handbook of Political, Social, and Economic Transformation$
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Wolfgang Merkel, Raj Kollmorgen, and Hans-Jürgen Wagener

Print publication date: 2019

Print ISBN-13: 9780198829911

Published to Oxford Scholarship Online: March 2019

DOI: 10.1093/oso/9780198829911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 June 2021

Liberalization

Liberalization

Chapter:
(p.547) Chapter 58 Liberalization
Source:
The Handbook of Political, Social, and Economic Transformation
Author(s):

László Csaba

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198829911.003.0058

Liberalization is a set of policies that apply to overcoming the distortions emanating from administratively managed markets. Originally it was conceived as one of the constituting elements of the four fundamental policies of systemic change, namely stabilization, liberalization, institution building, and privatization. Opening up markets and substituting administrative constraints with monetary ones were seen to be instrumental in overcoming soft budget constraints and shortages. It was also considered to be an easy measure to be sequenced early on. In hindsight incomplete liberalization has proven to be a major stumbling block to market building, in part because many markets— such as energy, transport, healthcare—remained monopolized. Furthermore, statist turns of the 2010s led to nationalization and monopolization in previously privatized sectors. Protectionism and national champions returned, limiting competitiveness and efficiency.

Keywords:   monopolization, quantitative restrictions, statism, national champions, sequencing

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