Down and Out in Outer Mongolia-Lessons for Economic Reformers for 1995

While eastern Europe has been the hardest hit because a system, put in place over many years, which had guaranteed the basic needs of the citizens, was dismantled in rapid order under the diktat of the IMF and World Bank driven by the western countries, the crisis of living standards posed by economic reforms is by no means unique to post- socialist Europe. As the world moves into 1995, what conclusions do we draw from yet another year of failure of market reforms to restore sustainable growth to most of the third world?