ROBERT SOLOMON is a Guest Scholar at the Brookings Institution and President of RS Associates Inc., the publisher of International Economic Letter. With the Federal Reserve Board from 1948 to 1976, he was involved in both its domestic and international activities. He became Advisor to the Board, Director of its Division of International Finance, and Economist of the Federal Open Market Committee, participating in the many international monetary negotiations of the 1960s and early 1970s. Robert Solomon is the author of The International Monetary System, and The Transformation of the World Economy 1980-93.

• List of Tables and Figures Preface Introduction The Way it was in 1980 Changing Philosophies of Economic Policy America and Britain Adjusting to Shocks in France, Germany and Japan Economic Interactions and Economic Integration The Elements of Economic Reform Chaos and Reform in the Soviet Union and Russia From Mao Zedong to Zhu Rongji: Economic Reform in China Other Asia: Tigers and an Elephant Middle East and Africa: Oil, Wealth and Poverty Democratisation and Reform in Latin America Problems and Promises of an Uncertain Future Notes Glossary Index

ROBERT SOLOMON is a Guest Scholar at the Brookings Institution and President of RS Associates Inc., the publisher of International Economic Letter. With the Federal Reserve Board from 1948 to 1976, he was involved in both its domestic and international activities. He became Advisor to the Board, Director of its Division of International Finance, and Economist of the Federal Open Market Committee, participating in the many international monetary negotiations of the 1960s and early 1970s. Robert Solomon is the author of The International Monetary System, and The Transformation of the World Economy 1980-93.

• List of Tables and Figures Preface Introduction The Way it was in 1980 Changing Philosophies of Economic Policy America and Britain Adjusting to Shocks in France, Germany and Japan Economic Interactions and Economic Integration The Elements of Economic Reform Chaos and Reform in the Soviet Union and Russia From Mao Zedong to Zhu Rongji: Economic Reform in China Other Asia: Tigers and an Elephant Middle East and Africa: Oil, Wealth and Poverty Democratisation and Reform in Latin America Problems and Promises of an Uncertain Future Notes Glossary Index

ROBERT SOLOMON is a Guest Scholar at the Brookings Institution and President of RS Associates Inc., the publisher of International Economic Letter. With the Federal Reserve Board from 1948 to 1976, he was involved in both its domestic and international activities. He became Advisor to the Board, Director of its Division of International Finance, and Economist of the Federal Open Market Committee, participating in the many international monetary negotiations of the 1960s and early 1970s. Robert Solomon is the author of The International Monetary System, and The Transformation of the World Economy 1980-93.

• List of Tables and Figures Preface Introduction The Way it was in 1980 Changing Philosophies of Economic Policy America and Britain Adjusting to Shocks in France, Germany and Japan Economic Interactions and Economic Integration The Elements of Economic Reform Chaos and Reform in the Soviet Union and Russia From Mao Zedong to Zhu Rongji: Economic Reform in China Other Asia: Tigers and an Elephant Middle East and Africa: Oil, Wealth and Poverty Democratisation and Reform in Latin America Problems and Promises of an Uncertain Future Notes Glossary Index