Stiglitz, Joseph E. (1999). Quis Custodiet Ipsos Custodes? Corporate governance failures in the transition.
Two economic events have dominated the twentieth century—the socialist/communist experiment that began in the Soviet Union in 1917 and ended with the fall of the Soviet Empire just under a decade ago; and the transition of these economies to market economies during the past decade. There is widespread agreement about the lessons from the first—central planning cannot replace markets, and even market socialism cannot replace the incentives associated with capitalism—incentives to produce goods more cheaply, to produce what consumers want, and to innovate. But the lessons from the second experiment are far more ambiguous, and it is upon these that I want to focus my remarks today.
Stiglitz, Joseph E.