Can a country that's been communist/socialst for decades become free market overnight?

Question

I was just reading about Cuba in the news and how Raul Castro is slowly, very slowly allowing Cubans certain freedoms economically. Eventually I think we'll see a free market economy in Cuba in our lifetime. But I think what's more important to them is doing it at their pace and not the pace the U.S. may want them to do it.

Answer 1

no, definately not

these things take time to happen

Answer 2

It will take time since many will need to become accustom to a new way of living.

Answer 3

YES

Answer 4

No.

Answer 5

Overnight?  Of course not.  China is doing a heck of a job of it, however!

Answer 6

Yes.  But it was so poorly planned in Russia that they are just now recovering from the 20 year depression it caused.

Answer 7

C'mon dude, you know that it cannot.  However let me ask you a question... what nation anywhere, at any time has prospered for an extended period under a socialist system of govt.?

Answer 8

these things take time no country can just have a diffrent economy over night.

Answer 9

East Germany did.  Granted, the growing pains of making that transition to free market last a lot longer than overnight but it can and has been done.

Answer 10

NO it will take a while for that to change

Which country do you have in mind

the less government involvement makes it more free market so it could happen but not literally 'overnight'

Answer 11

If you are referring to China, while it can't happen 'overnight', it can happen in a relatively short amout of time if managed properly.  That's the difference between China and Russia.  Russia was horribly mismanaged, due in part to a lot of corruption on Russia's part.

Adam, developing countries, as well as countries with small populations, typically need a mix of free market and strong government control to either strategically grow their economy (in the case of developing countries), and/or protect their economies from being swept out from under them (in the case of small countries).

Answer 12

Well, to put it simply, to change an entire country, an entire culture and economy and political system, almost always includes horrendous tumult.  Especially when it's done very quickly.  But many communist countries eventually became free market.  China seems on its way; its very nominally communist economically, tho it doesnt have the freedom the typical free market society would.

Answer 13

Nope, say Russia is still recovering. On the other hand places like Check republic and Poland are already at EU.