The transition from a planned to a market oriented economy requires a complex amalgam of stabilization, liberalization and privatization policies. This paper outlines a combination of policies believed to be necessary, if not sufficient to enlist the efficiency of market mechanisms along with a...

This paper examines the role of money in market and centrally planned economies. It then proposes a program and sequence of institutional, macroeconomic and monetary reform aimed at achieving a stable transition. An egalitarian redistribution of the state's custodial assets to its citizens is...

The Soviet Union and the nations of Eastern Europe are undergoing a historically unprecedented restructuring as they move inexorably from centrally planned economies toward market economies. This historic transition must be guided by a coherent set of stabilization policies to reduce the threat...

This paper examines the question of whether a communist nation, characterized by state ownership of the means of production and a centrally planned command system of allocation can be transformed into an efficient market oriented economy without fully compromising the socialist ideals of an...