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The two oil price shocks of 1973-74 and 1979-80 have been by far the largest price movements to occur in the international economy in the postwar period. This book analyzes adjustment of oil-importing developing countries to those shocks with a view both to understanding an important episode in recent economic history, and to eliciting lessons that can guide successful adjustment to similar events in the future. The study develops quantitative economic methods and applies them to contemporary problems in order to yield useful insights for policy makers.

Rapid growth in Eastern Europe and the former Soviet Union since the Russian financial crisis of 1998 has moved 50 million people out of 400 million out of absolute poverty. This has been brought about by productivity growth, which allowed broad-based increases in real wages, together with the use of public transfers to benefit those who were not part of the labor force. In the new member states of the European Union that are the furthest advanced in the transition to a market economy, productivity growth is increasingly driven by improvements in how production is organized and carried out at...