On the Normative Theory of Transformation

An overall feeling of hangover seems to have taken the place of euphoria of 1989/90. Politicians who used to be the heroes of opposition and the fighters for thorough changes seem to have been worn down by the political processes following the annus mirabilis, and with legendary figures/movements the fatigue is unmistakeable, from Solidarity to Civic Forum, from the one-time heroes of East German opposition to the Alliance of Democratic Forces in Bulgaria, from the Gaidar team to the Hungarian Democratic Forum. A large segment of the economics profession, especially those involved in policy advising seem to be still incredulous of the overwhelming side-effects and rather limited directly intended effects of their recipes. The public is increasingly fed up, an the following of protest parties of various sorts is on the increase. Losses in terms of consumption are often coupled with losses of perspective. Wondering whether or not the entire exercise of transformation was worth the price is increasingly fashionable in more than one country, and not only on the extreme left.