Written in January 1994, discusses the reform of the Russian economy, its severe economic decline, and how the transition to a market economy might be realized. Emphasizes the institutions of a market economy and suggests that the current “shock therapy” reform programme of stabilization of the macro‐economy, liberalization of prices, and privatization of enterprises will not succeed in the absence of such institutions. These institutions include a system of property rights, a legal system, a sound currency, legal and regulatory agencies to prevent corruption and monopolization, a social safety net, and entities providing banking and credit, classified advertising, accounting, insurance and other services.
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