Shafiqul Islam

Radical socialists wanting to remake the Russian economy were once called maximalists; now the maximalists are fervent free marketeers. Yet separating radicals from gradualists only clouds the peril, progress and prospects of the Russian economy. Virtually all economists now accept four pillars of policy for Russia: controlled inflation, price liberalization, steady privatization and reformed legal and political institutions. A development bank for Russia is still needed to help manage the economic metamorphosis. President Clinton should be leading now, through the Group of Seven industrialized nations, to collar more money and free-market expertise for Russian reform.