Sacks

[PHILLPS@xxxxxxxxxxxxxxxx]

Anthony D'Costa commented recently on the failure of orthodox
economists to recognize the importance of institutions in the
failure of the IMF project and Jeffrey Sachs departure from
Russia.
  It was interesting this morning to hear a debate on CBC between
Sachs and a Russian economist (I didn't catch his name) who is
now teaching at York.
  In any case, the upshot of it all was that Sacks was still
maintaining that the only problem was that the "stabilization"
plan was given up too soon and not allowed long enough to work.
He also basically said that you can not have a transition to
a market economy with democratic political institutions.  Perhaps,
on this he is correct.

Paul Phillips,
Manitoba