The Last Shall Be the First: East European Financial Crisis, 2008-10

How did the East European countries move so quickly toward recovery from the global financial crisis of 2008? Focusing on the ten new eastern members of the European Union, Aslund (senior fellow, Peterson Institute for International Economics) finds that the choice to focus on internal cuts to public wages and expenditures played a large role. This was greeted with more social acceptance than might be expected, he asserts, perhaps due to high economic growth in the preceding years and a population used to hardship. The International Monetary Fund (IMF) and the European Commission played a large role and are perhaps the major external beneficiaries. Thoroughly researched and well presented, the book also touches on the opposite situation in Portugal, Italy, Greece and Spain. Annotation c2011 Book News, Inc., Portland, OR (booknews.com)

Known for repeatedly challenging conventional wisdom on "transition economies." Is leading specialist on postcommunist economic transformation. Books have won multiple Choice OAT awards.