Everyone knows that the sick Soviet economy needs a remedy. But is there a prescription for converting a torpid communist behemoth into a sleek free- market machine? It was assistant managing editor Karsten Prager's idea that TIME, which has periodically convened groups of experts to diagnose the U.S. and European economies, could offer some friendly advice. In the spirit of glasnost, we called in a specialist to collaborate with TIME's Washington- based national-economics correspondent Richard Hornik in composing the Rx memo to Mikhail that appears in this week's business section.
Ed A. Hewett, a senior fellow at the Brookings Institution, was...
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