The Agony of Reform

As the 1980s begin and the Cold War grinds on, the existing world order appears firmly in place. Yet beneath the surface powerful currents are carving away at the economic foundations. Western democracies still struggle with deficits and inflation, while communism hides the failure of its command economy behind a facade of military might. Worldwide, the strategies of government planning are failing to produce their intended results. As the command economies totter and collapse, privatization transfers economic power back into entrepreneurial hands, and whole societies go through wrenching change.