André Shleifer reflects on the seven lessons we should learn from the economic transition from communism to capitalism. André knows because, on top of being an excellent economist and Harvard professor, he is originally from Russia and has been involved in some of the reforms.
I particularly like the conclusion of overstating the "memory" of financial markets. Russia defaulted in 1997-98 and, as soon as the markets saw that growth prospects returned to Russia, so did they! Perhaps this is a lesson Europeans should keep in mind today!
