Creating Market-Based Economies
Creating Market-Based Economies
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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