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The Quaterly Journal of Economics, Nov. 1997 : Disorganization

By Blanchard, Olivier

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Book Id: WPLBN0000208514
Format Type: PDF eBook
File Size: 0.3 MB
Reproduction Date: 2005
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Title: The Quaterly Journal of Economics, Nov. 1997 : Disorganization  
Author: Blanchard, Olivier
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Publication Date:
Publisher: The World Bank


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Blanchard, O. (n.d.). The Quaterly Journal of Economics, Nov. 1997 : Disorganization. Retrieved from


Under central planning, many relied on a single supplier for critical inputs. Transition has led to decentralized bargaining between suppliers and buyers. Under incomplete contracts or asymmetric information, bargaining may inef- ciently break down, and if chains of production link many specialized producers, output will decline sharply. Mechanisms that mitigate these problems in the West, such as reputation, can only play a limited role in transition. The empirical evidence suggests that output has fallen farthest for the goods with the most complex production process, and that disorganization has been more important in the former Soviet Union than in Central Europe.


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