Voucher Privatization with Investment Funds

This paper has been cited many times as the representative critique of voucher privatization with investment funds.

My Congressional Testimony on Iraq in 2003

This is my testimony to the Joint Economic Committee of Congress in 2003 making recommendations after the U.S. conquered Iraq and had to figure out what to do. Today, it can be read as a negative-blueprint since the U.S. seems to have done just the opposite on every count.

Why Shock Therapy was Wrong

This article in Challenge May-June 2003 tried to pull together thoughts on two questions: the overall institutional change strategy and the alternatives to and arguments against voucher privatization.

Lessons from East Europe’s Voucher Privatization

This article examines the “economic” arguments put forward in favor of voucher privatization and it gives an institutional analysis of how the investment funds might be expected to behave in spite of expectations seen through rose-colored glasses. As one of the “great” social experiments of the late 20th century, some lessons for the future are drawn.

Management-Employee Buyouts in Privatization

This 1993 report for the Central and Eastern European Privatization Network was known for giving early and ultimately accurate criticism of the shock therapy and voucher privatization programs.