Macroeconomic Issues of Soviet Reform
Abstract
The title of this paper is not yet anachronistic, for the Soviet heritage of domestic and interrepublican economic arrangements sets the initial constraints for economic reform in the republics of the former Soviet Union. A standard approach to economic reform in socialist economies has developed over the last two years, on the basis of both experience, especially in Poland, and analysis (see e.g., Joint Study of the Soviet Economy, 1990; David Lipton and Jeffrey Sachs, 1990; Fischer and Alan Gelb, 1991). We start by reviewing this new orthodox prescription and then examine the developing Russian reform program in its light. We turn next to the special aspects of reform in the former Soviet republics, interrepublican economic relations and reform coordination, and conclude with a brief discussion of the role of the West.
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