Adam Smith opposes “shock therapy” for developing and transitioning economies

Michael Giberson “Get the prices right!” was the rallying cry of some economists in the aftermath of the break up of the Soviet Union. Don’t plan the transition, stop planning and let markets sort it out. Similar advice goes out to developing economies around the world. Don’t ease your way to liberalization, throw open the … More Adam Smith opposes “shock therapy” for developing and transitioning economies