Twenty years ago, in November 1989, the Berlin Wall fell. In one of modern history’s most miraculous occurrences, communism imploded – not with a bang, but with a whimper. In circumstances eerily reminiscent of our own day, the establishments in Eastern Europe had borrowed large huge amounts of money (in hard currency), which they had no way to pay back (except by taking more hard currency loans). As the loan crisis deepened, they did . . . nothing.

Stephen Kotkin teaches history and international affairs at Princeton University. He is the author of "Armageddon Averted: the Soviet Collapse, 1970-2000" (new edition 2008).

Jan T. Gross also teaches history at Princeton. He is the author of the acclaimed "Neighbors" (2001) and, most recently, "Fear" (2006).

Jointly sponsored by the Forum on Contemporary Europe, Center for Russian, East European and Eurasian Studies, and the Center for European Studies.