Developing a civilised society in transition economies: The Post Keynesian paradigm

A Post Keynesian paradigm of transition requires the exposition of what I define as primary elements: economic analysis; definition of a good society; speed; political structure; ideological structure and the role of initial conditions. The next step is to identify secondary elements, the desired changes with respect to: price liberalisation-stabilisation; privatisation; institutional structure; monetary policy and the financial system; fiscal policy; international trade and social policy. It is argued that Post Keynesianism clarifies the reasons why the orthodox model of transition implemented in transition economies was inappropriate and unsuccessful. The Post Keynesian recommendations would have resulted in a more sensible and successful transition.