The ‘Washington consensus’ and ‘shock therapy’ approach to transition economies ignored the Keynesian lessons from the Great Depression: that market instability is a possibility and there may be an active role of government in managing stability and growth. The severe output decline in...

The quot;Washington consensusquot; and quot;shock therapyquot; approach to transition economies ignored the Keynesian lessons from the Great Depression: that market instability is a possibility and there may be an active role of government in managing stability and growth. The severe output...