Former Communist Countries that Rapidly Shifted to Market Economies Fared Better than those that went Gradually

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prosperity

Markets are a miracle cure. They transformed stone age societies with no plumbing and no electricity into world commercial powers with long life expectancy, advanced art and culture and healthy populations in only two generations (South Korea, Singapore, Tiawan, etc.).

When the Berlin Wall came down in 1989, 27 former Soviet countries faced an uncertain future.

Some of the 27 countries leaped quickly toward market reforms. Others went more slowly, not wanting to unravel socialist social programs, government “health care” operations, etc.

A new study shows that those countries which embraced markets quickly did much better.

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