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 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...

Subsequent to the economic difficulties of the 1980s, many Latin American governments reluctantly began to introduce market-oriented reform measures. In many cases, the new measures were adopted only as a means of participating in debt-relief programs such as the Brady Initiative. In no case,...

When asymmetry or non-verifiability of information, or non- excludability of users, makes contracts incomplete or unenforceable, and where for these and other reasons there are impediments to efficient bargaining, we show that private contracting will not generally assign the control of assets...

After the demise of “real” socialism and the decline of “western” socialism, socialism can be salvaged as a social preference system oriented towards equality and social justice, to be implemented without systemic constraints in the organizational and institutional sense. At the same...