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Plastic MoneyConstructing Markets for Credit Cards in Eight Postcommunist Countries$
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Alya Guseva and Akos Rona-Tas

Print publication date: 2014

Print ISBN-13: 9780804768573

Published to Stanford Scholarship Online: September 2014

DOI: 10.11126/stanford/9780804768573.001.0001

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PRINTED FROM STANFORD SCHOLARSHIP ONLINE (www.stanford.universitypressscholarship.com). (c) Copyright Stanford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in SSO for personal use.date: 23 September 2021

The Transition from a Communist to a Market Economy

The Transition from a Communist to a Market Economy

(p.25) Two The Transition from a Communist to a Market Economy
Plastic Money

Akos Rona-Tas

Alya Guseva

Stanford University Press

This chapter lays out the historical background for the development of postcommunist card markets. It revisits theories of the transition, focusing on the three distinct development paths the economies of the eight countries took: the path taken by the Central European countries, which started with an economic recession but soon integrated into the European Union and the developed world; the path navigated by the economies of East Europe, which experienced more tumultuous and protracted transition and a slower European and global integration; and the path traveled by China and Vietnam, two fast-growing East Asian economies that started from an overall much lower level of economic development keeping a strong role of the Communist state in the economy. The chapter discusses the creation of commercial banks and emphasizes the similarities among the countries’ developmental paths. It also criticizes the market transition theories for ignoring the demand side of market building.

Keywords:   postcommunist transition, global integration, economic recession, market demand, neoliberalism, “shock therapy,” gradualism, socialist legacies, inflation, Communist state

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