This paper explores the problem of credible commitment that public officials face with regard to institutional reform. Doug North points out that while economies grow as a result of the provision of governance, I argue that creating an entity with a geographic monopoly simultaneously limits the...

In 1989, most economists thought the problem of transition was one of allowing prices to float to market clearing levels. After all one of the most observable problems throughout the former socialist economies was the existence of pervasive shortages. Indeed prices did need to be freed up. But...

The Russian economic system has been a state of continual turmoil and reform for over a century, making it difficult for business to develop as the political, legal, and economic foundation continually shifts. The beginning of the 20th century saw Russia struggling to change its economic system...