An Update on Reform in Eastern Europe and Russia
By Jeffrey Sachs
ABSTRACT: The paper reviews the experience of Poland and Russia with economic reform, with occasional comparison to China’s experience. The author argues that macroeconomic chaos in Poland and Russia preceded reform and was allayed by reform; that there is no necessary tradeoff between reform and growth, and that the Polish and Russian experience shows that it is possible to create clear property rights quickly. JEL Classification #s: Eo, 05, P2