The end of the Cold War saw an unprecedented number of countries changing economic policies at the same time. One result has been the emergence of a new field of economics, postcommunist transformation theory. Written by prominent Russian analysts, the essays in this book discuss the economic policy problems that confront postcommunist countries. Most chapters focus on liberalization of the exchange rate and trade system, macroeconomic stabilization, and institutional reform. They also look at various policy options that have been pursued and their results. Underlying the book is the assumption that the transition to a market economy is both irreversible and the best path to sustained growth in Russia.

"Unlike many recent bombastic and fact-free accounts of Russian reforms, this book presents a sober, balanced, and informed picture of the Yeltsin era. It will be of great value to anyone wishing to understand what really happened in Russia." Andrei Shleifer, Professor of Economics, Harvard University, and author of Without a Map: Political Tactics and Economic Reform in Russia "This is a monumental, well-informed, and insightful book by top Russian economists, explaining the course of Russian transition. It is a must-read for those who want to understand modern Russia's economy." Anders Aslund, Senior Associate, Carnegie Endowment for International Peace "This is a monumental, well informed, and insightful book by top Russian economists, explaining the course of Russian transition. It is a must-read for those who want to understand modern Russia's economy."--Anders Aslund, Senior Associate, Carnegie Endowment for International Peace