chapter  1
6 Pages


ByNahid Aslanbeigui‚ Steven Pressman and Gale Summerfield

The world economy is going through tumultuous changes. Countries in Eastern and Central Europe have repudiated decades of central planning and control in favour of decision-making by individual agents and markets. Some, like Poland, have taken a shock therapy approach and rapidly introduced markets over a wide range of economic activities. Others, like Russia, have been slower to let the markets rule, and still allow planners to make wideranging production and distribution decisions. Regardless of the pace of change, the magnitude of these changes remains enormous.