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                        THURSDAY, APRIL 19, 2018
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Transition of Soviet countries to market a failure, economist says
Journal Staff Report

LONDON May 29 – One of last century's biggest experiments, the transition to market economics in former Soviet countries, has failed, Nobel Prize-winning economist Joseph Stiglitz has said.

The process was supposed to have led to unexampled growth in standards of living, but, instead, it has resulted in the growth of poverty and inequality, he said at an annual meeting of the European Bank for Reconstruction and Development in London.




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