As the world approaches the 20th anniversary of the fall of communism, it is worth investigating the costs borne by countries like India that did not become communist but drew heavily on the Soviet model. For three decades after its independence in 1947, India strove for self-sufficiency instead...

An economic model of how a Marxist state should work

The economic and financial crisis of 2007-2009 had a serious impact on the larger European region. For western Europe this was the deepest economic downturn since the Second World War. Given the well-developed safety nets for this region the immediate impact on health is likely to be minor....

As a result of the program of social, political, and economic reforms called doi moi" (meaning renovation) implemented by the Communist Party in 1986, market forces have been allowed to operate in Vietnam subject to state supervision. The centerpiece of doi moi has been to attract foreign...

It has recently become customary to argue that Russian economic transformation since 1991 has failed because of bad policy advice and mistaken policy choices. Though Russia's performance leaves much to be desired, such criticisms are based on a failure to analyse the real choices available to...

Institutional change has taken place gradually since 1978 for State-Owned Enterprises (SOEs) in the Industrial Sector of China. In this paper we estimate the effect of deep reform (the right to hire and fire labour, buy and sell capital and operate on international markets) on the productivity...

The paper discusses the strategy of economic development of Russia, which has to be developed after the end of the first stage of post-communist transition – when private economy replaced the state-controlled one and stabilization has been obtained. Russia is considered as a heavy...

In this paper we outline the main theories of persisting high inflation and test them informally by reference to the three main attempts to stabilise the Russian macroeconomy between 1992-4. We then assess the prospects for the success of the fourth and current effort.