The transtion from planned to market economies in Central and Eastern Europe has been traumatic. The Schumpeterian process unleashed as economies rushed toward market systems was initially destructive. The second half of the 1990s has improved the picture substantially. Yet, the success of the...

Should central banks concern themselves with agricultural policies? Does Europe's Common Agricultural Policy (CAP) matter for Central and Eastern Europe? Should ministries of agriculture be abolished, or perhaps be incorporated into ministries of environment or even education and culture? The...

In December 1995, the European Council, metting in Madrid, confirmed "unequivocally" that the third and final stage of economic and monetary union (EMU) will begin on January 1, 1999. The Council chose "euro" as the name of the new single currency and adopted a timetable for decisions and...

The very phrase "League of Nations" is a metaphor for international organizational failure. In the wake of the war it was designed to prevent, the League became the example to be avoided in building new multilateral institutions. Perhaps it is not suprising, then, that our textbooks on...