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Market Failure
Book

Market Failure

A Guide to the Eastern European "Economic Miracle"

Laszlo Andor and Martin Summers
Pluto Press, 1998

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Editorial Rating

7

Qualities

  • Comprehensive
  • Analytical
  • Background

Recommendation

Contributor Laszlo Andor and editor Martin Summers review the implementation of economic reforms in Eastern Europe. They present a strong critical analysis of the effect of economic reforms on the people in the post Soviet bloc countries. In great detail, they cover the fight to implement Western financial investment policies in order to break communist political legacies. The authors express their dissatisfaction with the results of reforms in the last decade. This is an important book for individuals who want another perspective on the rush to implement western financial policies globally. However, the book assumes some strong background knowledge of the region’s political history and the financial concept of globalization. getAbstract recommends this book to anyone who does business in Eastern Europe or who is intrigued by the politics of economic reform.

Take-Aways

  • The economic experiment in Eastern Europe disenfranchised the region’s lower classes.
  • World financial institutions, such as the IMF, have implemented case-by-case financial solutions in a part of the world that requires regional solutions.
  • Lack of traceable ownership of real property is a problem in Eastern European economic reform.

About the Authors

Laszlo Andor is a lecturer at the Budapest University of Economic Sciences. Martin Summers is a former East European Desk Officer for the Catholic Fund, and an Overseas Development and East European Project Worker at the New Economics Foundation.

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