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Democracy and Economic Reform: Tensions, Compatibilities, and Strategies for Reconciliation

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Hoover Institution Press in "Economic Transition in Eastern Europe and Russia: Realities of Reform", Edward Lazear, ed.

March 1, 1995

Five years after the dramatic fall of communism in Eastern Europe, there is an opportunity to evaluate the efficacy of different forms of liberalization.

The most obvious and controversial difference between reform strategies is in the pace of transition. Previous theories of development have focused on the slow growth of Third World countries into modern economies. Some experts have ascribed current failures in Eastern Europe to the instantaneous liberalization of economies and the forceful application of tight monetary policies.

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