After the Wall Fell: The Poor Balance Sheet of the Transition to Capitalism

Author: Branko Milanovic

Publication: Challenge. vol. 58, no. 2. pp. 135-138

Date: April 2015

Abstract: 

Many Western economists were rapturous about the prospects for Eastern Europe’s transition to rapid growth and solid democracy once the Berlin Wall fell in 1989. The march to capitalism was to be paved with gold. Most of the nations did poorly. Here is the disappointing scorecard.

Link: After the Wall Fell: The Poor Balance Sheet of the Transition to Capitalism