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Sachs
Progress of Economic Reform in Eastern Europe
by Jeffrey Sachs, Clemens Lecture Series 5, 1991
Introduction
It is a very great pleasure for me to be with you this event and to talk about what I think is truly a pivotal moment in world history: the collapse of Communism in Eastern Europe and the Soviet Union, an area that covers more than a sixth of the world's land mass and involves four hundred and twenty million people. The whole region from the Elbe, the border of the former East Germany, to Vladavostok is a region filled with both hope and fear. The collapse of Communism is undoubtedly the greatest news of this century, but it is also clear that the process of creating a new social and economic order is a great drama and one whose success is far from achieved.
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