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The Central Asian Economies in the Twenty-First Century$
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Richard Pomfret

Print publication date: 2019

Print ISBN-13: 9780691182216

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691182216.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 18 May 2022

Creating Market-Based Economies

Creating Market-Based Economies

(p.10) 2 Creating Market-Based Economies
The Central Asian Economies in the Twenty-First Century

Richard Pomfret

Princeton University Press

This chapter analyzes the first decade of Central Asia's independence and transition towards market-based economies. After December 1991, the new independent states had no alternative than to embark on the transition from central planning. Throughout Central Asia, the 1990s were a grim decade, with falling output and increased income inequality and poverty. The transitional recession was most moderate in Uzbekistan and most severe in Tajikistan, which suffered from civil war until 1997. Recovery began in the late 1990s, and in the first decade of the twenty-first century, Central Asia was one of the fastest growing parts of the world economy, buoyed by a mixture of recovery from recession and soaring world prices for key energy and mineral exports.

Keywords:   Central Asia, market-based economies, central planning, income inequality, poverty, transitional recession, world economy, civil war, energy exports, mineral exports

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