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First Published in 1971. This volume is an historical look at
Kenyan international firms and labour, starting in 1945 and ending
at the years of independence and the introduction of collective
bargaining in 1967.
First Published in 1971. This volume is an historical look at
Kenyan international firms and labour, starting in 1945 and ending
at the years of independence and the introduction of collective
bargaining in 1967.
Under free-market shock therapy, the economies of Eastern Europe
have plunged into crisis. Shortages may have disappeared, but so
have social services, a living wage, and equitable income
distribution. Political unrest increases apace as output plummets.
Why so much stagnation, inflation, and de-industrialization, and
what can be done to turn this risky state of affairs around? This
book, the first critique of the free-market economic policies that
have jolted Eastern Europe, addresses these questions in
penetrating detail. The authors also propose a sensible approach to
reform, including a restructuring of the state itself so that it
can play a more positive role in this difficult transition. With
close attention to the history and institutional realities of the
region, The Market Meets Its Match explains the failure of the
simplistic market medicine administered in the first five years of
transition. Merely "getting the prices right" - lowering wages and
raising interest rates and energy prices - won't improve
competitiveness, the authors argue, as long as nonlabor costs such
as the quality of goods, product design, outmoded technology, and
inefficient distribution channels remain problems. Easing these
bottlenecks requires long-term capital accumulation and profit
maximization. The institutions necessary for such growth have not
developed under Eastern Europe's new "pseudo-capitalism", as the
authors demonstrate, and "pseudo-privatization", while distributing
state property to citizens, has not provided them with the capital
and technology they need to succeed. This book shows that the
market mechanism alone will not transform Eastern Europe's
potentially productive enterprises intointernational competitors
without careful government coordination and support.
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