The New Russia - by Lawrence Klein & Marshall Pomer (Hardcover)

About the Book

This book delivers an unexpected and unpopular message: the West played a pivotal role in the Russian economic disaster of the 1990s. It shows how Western advisors, including the International Monetary Fund and the U.S. Treasury, applied a narrow conception of economics that pushed Russia, after more than 70 years of communism, toward another failed Utopia.

Book Synopsis

This book delivers an unpopular message: the West has played a pivotal role in the Russian economic disaster of the 1990s. Western advisors, including the International Monetary Fund and the U.S. Treasury, applied a narrow conception of economics that pushed Russia, after more than seventy years of communism, toward another failed utopia.

The twenty-six contributions to this book are divided into three parts: theory, evidence, and policy. Part One directly challenges orthodox economic theory for obscuring the necessary role of government in creating and sustaining a market system and features essays by three Nobel laureates in economics--Kenneth J. Arrow, Lawrence R. Klein, and James Tobin. Part Two describes the dimensions of the economic crisis in Russia and presents a Russian perspective on the failure of shock therapy. Part Three presents policy recommendations, with special attention given to improving the integrity and administrative competence of the Russian government.

From the Back Cover

"This admirable work has contributions from an impressive group of specialists who cover the topic comprehensively. Balanced, reasonable transitions in various economic sectors are urged persuasively and in some cases even eloquently. The book has the potential for making a significant impact."
--Ralph T. Fisher, Jr.,
University of Illinois at Urbana-Champaign
This book delivers an unpopular message: the West has played a pivotal role in the Russian economic disaster of the 1990s. Western advisors, including the International Monetary Fund and the U.S. Treasury, applied a narrow conception of economics that pushed Russia, after more than seventy years of communism, toward another failed utopia.
The twenty-six contributions to this book are divided into three parts: theory, evidence, and policy. Part One directly challenges orthodox economic theory for obscuring the necessary role of government in creating and sustaining a market system and features essays by three Nobel laureates in economics--Kenneth J. Arrow, Lawrence R. Klein, and James Tobin. Part Two describes the dimensions of the economic crisis in Russia and presents a Russian perspective on the failure of shock therapy. Part Three presents policy recommendations, with special attention given to improving the integrity and administrative competence of the Russian government.

Review Quotes

"A searching critique of the strategy favored in the West . . . it contributes fresh perspectives on the much debated question concerning the 'big bang' versus 'gradualism' in communist economic transformation."--Abram Bergson, Harvard University

"No writing or oratory in history has been more replete with bad advice than that given Russia in the last decade. Here, for a change, is something very good--the best, in fact, that truly competent and responsible American and Russian scholars have to offer. I strongly recommend it."--John Kenneth Galbraith

"This admirable work has contributions from an impressive group of specialists who cover the topic comprehensively. Balanced, reasonable transitions in various economic sectors are urged persuasively and in some cases even eloquently. The book has the potential for making a significant impact."--Ralph T. Fisher, Jr., University of Illinois at Urbana-Champaign

"[An] excellent, well-organized, and useful collection about economic reform in postcommunist Russia. . . . The strength of The New Russia lies in the editors' thoughtful and thematic organization of the material, the consistency of argumentation applied to a panoply of economic issues, the depth and rigor of analysis throughout, and the prescription for recovery in the 'Reform Agenda' and 'Call for Action.'"--Slavic Review

About the Author

Lawrence R. Klein, who won the Nobel Prize in economics in 1980, is Benjamin Franklin Professor of Economics Emeritus at the University of Pennsylvania. Among his many books is The Economics of Supply and Demand. Marshall Pomer is President of the Macroeconomic Policy Institute, Santa Cruz, California. He is the author of Intergenerational Occupational Mobility in the United States: A Segmentation Perspective.