Leszek Balcerowicz begins his lecture defining socialism as a system, and describes its two features: weak propelling institutions and a weak or non-existent constraining institutions, responsible for the declining rate of economic growth and the policies which produced deep decline in GDP. He analyses the real price of socialism by comparing the per-capita GDP of North Korea with South Korea and Cuba with Chile from 1950 to 2003 and the two periods China has been through.
Balcerowicz later talks about the institutional trajectories after socialism, as well as the economic and non-economic outcomes after this transition and then he finishes by explaining the differences in economic growth before and after the transformation.
Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.
Universidad Francisco Marroquín