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Economic Review

May/Jun, 1990

Free Enterprise and Central Banking in Formerly Communist Countries

Robert L. Hetzel

According to this article, if the formerly Communist countries of Eastern Europe are to become free market economies, they will have to define and enforce property rights and allow prices to signal supply and demand conditions. Further, the article suggests that the market economy and integration into the world economy would be enhanced by adopting the currency of a large Western country, thereby eliminating the need for a central bank.

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