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The author discusses the experience of Georgia following the collapse of the Soviet Union in a broad analytical and empirical framework. He displays a deep knowledge of post-Communist transition and provides an interesting analysis of various sectors of the transitional economy. - Professor Leszek Balcerowicz, President of the National Bank of Poland. Vladimer Papava has written an insightful account of the policy mistakes and successes of the economic transition in Georgia. This highly readable work flags mistakes pushed by outsiders, such as overly complicated regulatory legislation, and the failures of Georgia's own politicians, most notably, allowing a permissive climate for corruption - Dr. Keith Crane, Senior Economist, RAND Corporation. Drawing on the Georgian experience, Professor Papava explores the transformation of Communist societies into market economies. Particular attention is paid to the problems presented by hopelessly uncompetitive industries (necroeconomy), the difficulty in establishing an effective tax system, and the successes and mistakes of the International Monetary Fund. - Professor Louis Ederington, University of Oklahoma. transition in Georgia by a scientist and practitioner with a front-row view of the events. The book also provides a useful overview of economic thought on transition to market. It will prove equally interesting for economists and laypeople. - Dr. Ben Slay, Director, Bratislava Regional Centre, UNDP.
Since restoring its statehood in 1991, Georgia has travelled a difficult road. There have been civil conflicts, armed conflicts with separatists regions, and a Russian-Georgia war over these two decades. After the collapse of the Soviet Union, Georgia's economy experienced the most drastic economic breakdown among all former Soviet Republics. In the beginning of the 1990s, hyperinflation began. Though the economic situation started to improve substantially from 1995 on and ended with macroeconomic stability, corruption became the biggest problem by the end of 1990s. Severe social issues developed due to the corruption, which laid the foundation for the Rose Revolution. Although the new political leaders who came to power after the Rose Revolution, which took place in November 2003, embarked on ambitious reforms, they made serious mistakes. In October 2011, a Georgian billionaire, Bidzina Ivanishvili, openly expressed his political ambition for leadership. Until that point, he had been known in Georgia for his charitable activities. In October of 2012, Georgian voters successfully passed a test of democracy, the first since the restoration of Georgia's independence; they peacefully replaced one political party with another through parliamentary elections. The present book depicts a fairly complete picture of the events taking place since August 2010 through July 2012. This two-year period covers the time between two important elections. The diary describes the relatively calm political life which set in after the local elections, as well as the parliamentary election campaign. The diary was written based on the sources provided by information agencies operating in Georgia. In some cases, the diary contains information without any comments though author commented on all the significant information. The book reflects author's subjective opinion as well as objective sources.
Many considerations are involved in examining the regularities regarding how changes in the tax burden affect national budget revenues, on the one hand, and how these changes influence economic activities, on the other hand. This book will explain how these affect employment and output rates. It is equally important to examine how government spending influences economic growth. The Keynesian model of aggregate demand gives a quite comprehensive picture of how the tax burden influences economic growth. Though this model has been the subject of many studies and is well explored, it can be said that its analytical capabilities have not yet been fully examined. For instance, based on the study of key characteristics of one of the modified versions of the above-mentioned model, it has been established that the impact of the tax burden on aggregate demand cannot be determined unequivocally. Usually, an increase in the tax burden is one means of decreasing aggregate demand, but, at the same time, an increase in the tax burden may trigger an increase in aggregate demand under certain conditions. It is notable that the tax burden affects both the effectiveness of using productive resources, that is, production technology, and the level of resource usage. Both of these aspects of the tax burden are important, but the impact on the level of resource usage is especially important. The Laffer Effect refers to the result of this impact and it should be taken into consideration when working out a fiscal policy that boosts economic growth. In order to achieve stable economic growth, it is extremely important to establish levels of the tax burden and government spending that will ensure optimisation of the level of resource usage. Keynesian models deal with the situation when aggregate supply is not dependent on tax rates, while aggregate demand, especially the part of it that relates to consumption, is the function of taxes. Supply-side economics also considers only a single aspect of the tax issue in the Laffer Curve, which emphasises the impact of the tax rate on aggregate supply. The single-sidedness of the above theories can be overcome by the Laffer-Keynesian synthesis. This book focuses on the model of macroeconomic equilibrium that allows for this synthesis, in which aggregate demand and aggregate supply are represented as functions of the tax burden.
"The author discusses the experience of Georgia following the
collapse of the Soviet Union in a broad analytical and empirical
framework. He displays a deep knowledge of post-Communist
transition and provides an interesting analysis of various sectors
of the transitional economy." "Vladimer Papava has written an insightful account of the policy
mistakes and successes of the economic transition in Georgia. This
highly readable work flags mistakes pushed by outsiders, such as
overly complicated regulatory legislation, and the failures of
Georgia's own politicians, most notably, allowing a permissive
climate for corruption." "Drawing on the Georgian experience, Professor Papava explores
the transformation of Communist societies into market economies.
Particular attention is paid to the problems presented by
hopelessly uncompetitive industries (necroeconomy), the difficulty
in establishing an effective tax system, and the successes and
mistakes of the International Monetary Fund." ""Necroeconomics" presents a deep analysis of the lessons of
economic transition in Georgia by a scientist and practitioner with
a front-row view of the events. The book also provides a useful
overview of economic thought on transition to market. It will prove
equally interesting for economists and laypeople."
In most cases the problems caused by financial globalization are identical in various countries, which is why it is especially important to develop some standard solutions. Nevertheless, it is also doubtless that economic "recipes" for "small" and "big" countries can be different and it would be a mistake to apply only a uniform approach to all of them. The book evaluates an international financial system development potential in the context of "corporate crises" started in the USA and a probable impact on international financial markets and business activities. With the introduction of the Euro, a "new three-pole world currency system" was established. In this connection, two quite sensational forecasts made during the last two years regarding the collapse of the US Dollar are analyzed. These forecasts make a pretty "gloomy picture" of the future of both the US Dollar and the international monetary system. The book draw reader's attention to global exchange rate instability and its implications for Georgia. It is demonstrated that as a small economy, Georgia cannot have any substantial influence on global economic developments; however, if it succeeds to pursue more-or-less reasonable economic policy, it may generate some positive results, or at least minimize negative ones.
This book provides insight into the compelling evolution of Georgia's development and modern challenges. It analyses the key tendencies that took place during the twenty years of reforming Georgia's economy.
This book provides insight into the compelling evolution of Georgia's development and modern challenges. It analyses the key tendencies that took place during the twenty years of reforming Georgia's economy.
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