The Success Of Eastern Europe
From the desk of Richard Rahn on Thu, 2012-09-06 15:08
Year by year, the current nine countries of Eastern and Central Europe that were controlled by the Soviets -- Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia -- become relatively more prosperous in comparison to the richer nations of Western Europe. As a result of the European debt crisis, this trend is likely to accelerate.
It has been more than two decades since these countries acquired their freedom. All have become multiparty, largely free-market democracies. What seems normal now was far from a foregone conclusion at the time of the dissolution of the old Soviet Union. In fact, most bets would have wagered that not all these nations would have made it.
I was one of the economists who advised the reformers in Hungary and Estonia -- then later Russia and Ukraine -- and served as co-chairman of the transition team in Bulgaria. To say that at the time we were not all confident that the democratic and economic reforms would be successful would be an understatement.
It has been more than two decades since these countries acquired their freedom. All have become multiparty, largely free-market democracies. What seems normal now was far from a foregone conclusion at the time of the dissolution of the old Soviet Union. In fact, most bets would have wagered that not all these nations would have made it.
I was one of the economists who advised the reformers in Hungary and Estonia -- then later Russia and Ukraine -- and served as co-chairman of the transition team in Bulgaria. To say that at the time we were not all confident that the democratic and economic reforms would be successful would be an understatement.
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