The fall of communism 25 years ago transformed the political and economic landscape in more than two dozen countries across Europe and Asia. In this volume, political leaders, scholars, and policymakers assess the lessons learned from the "great rebirth" of capitalism and highlight the policies...

Emerging-market growth from 2000 to 2012 was extraordinarily high. Aslund cites several factors to explain why emerging-economy growth is likely to be lower in the future. Having caught up with advanced economies in many respects, these countries face limitations on their future catch-up...

Hyperinflation—usually 1,000 percent or more a year—occurs only under very special circumstances: in a disorderly breakup of a currency zone; after wars or revolutions, when monetary or fiscal authorities lack control; and when wild populism prevails. Åslund reviews the historical record and...

Latvia stands out as the East European country hardest hit by the global financial crisis; it lost approximately 25 percent of its GDP between 2008 and 2010. It was also the most overheated economy before the crisis. But in the second half of 2010, Latvia returned to economic growth. How did...

In the coming year, Congress is likely to face a critical vote on granting Permanent Normal Trade Relations (PNTR) to Russia in connection with its impending membership to the World Trade Organization (WTO). A “yes” on PNTR for Russia could set the tone for economic relations between the...

The response of the ten new eastern members of the European Union to the global financial crisis has valuable lessons of crisis resolution for the euro area. These countries were severely hit by the crisis in the fall of 2008 and responded with extensive reforms. Crisis made the unthinkable...

In the current financial crisis plaguing Europe, Latvia stands out for resolving its financial problems quickly and resolutely. After contracting 24 percent in 2008 and 2009, it grew at the rate of 5.5 percent in 2011. The speed and determination with which the government carried out austerity...

A gaping hole in the current global economic architecture is the absence of a multilateral agreement on foreign direct investment (FDI). A multilateral investment agreement (MIA) was discussed extensively from 1970 to 1998 but never concluded. However, the need for such an agreement has...

Ukraine's intention to sign the European Association Agreement at the Vilnius summit in late November 2013 has raised a furor in the Kremlin, which wants it to join the Customs Union instead. In retaliation, Russia has imposed trade sanctions against Ukraine in clear violation of its obligations...

Russia's chairmanship of the G-8 raises questions about its fitness for the task. While it is certainly a market economy, Russia can no longer lay claims to being even semidemocratic. The G-8 should not be swept up in a celebration of Putin's authoritarian power during the St. Petersburg summit....