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CEP Occasional Paper
The Current State and Future of Economic Reform
Richard Layard
May 1995
Paper No' CEPOP08:
Full Paper (pdf)

In this paper I give an impressionistic account of the situation in Russia in September 1994 and its implications for Western aid priorities. Considering the starting point, the progress of the reform has been remarkable. In the paper I discuss it under the three traditional headings: privatisation, liberalisation and stabilisation, which are listed here in descending order of success. I then add a section on the social management of the transition.