Adjustment Problems
Adjustment Problems
This chapter studies structural adjustment, the reform paradigm that took up the basic proposals established in “Window of Opportunity”—a vision of transition to a market economy through “shock” liberalization, privatization, and stabilization, backed by largescale foreign aid. By the middle of the 1990s, elements of structural adjustment were achieved, including large-scale privatization of industrial enterprises and liberalization of most prices. However, growth remained frustratingly elusive for reformers, and they increasingly turned their attention to inflexibilities created by sociotechnical systems such as infrastructures and the government budget that were not easily reorganized through a market mechanism. The problem was still one of structural adjustment—that is, one of correcting the distortions created by the Soviet patterns of urban and spatial development.
Keywords: structural adjustment, Window of Opportunity, market economy, liberalization, privatization, stabilization, infrastructures, government budget, urban development, spatial development
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