Beyond the Miracle of the Market

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The book examines the transition from socialism to capitalism in Eastern Europe and its effects on developing nations, specifically focusing on Kenya's unique economic trajectory. Robert Bates critiques neo-classical development economics, attributing Kenya's initial growth to its strong economic institutions. However, he argues that the shift from the Kenyatta to the Moi regime led to a decline, as economic institutions were repurposed for wealth redistribution rather than wealth creation, ultimately impacting the country's economic stability.