Abstract
Economic reform has posed immense difficulties in all of the postcommunist countries. Some of these countries, including the Czech Republic, Hungary, Poland, and (less clearly) the Baltic states, have made great strides toward a market-based economy despite these problems, while others have managed to adopt only partial and indecisive measures or have seen economic reform stall entirely (as in Ukraine). In Latin America, the first elected civilian governments in Bolivia, Argentina, and Brazil either failed to launch economic reforms or launched packages that proved to be unsustainable. In contrast, second-round governments in both Bolivia and Argentina adopted draconian stabilization measures followed by broad and vigorous structural reforms.

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