Can a developing country balance a stable democracy with a well-functioning market economy? This study addresses the question by using case studies to show how political reforms influence the efforts of governments to initiate and sustain economic reforms.

Can a developing country balance a stable democracy with a well-functioning market economy? THis question is addressed in this book by showing how political reforms influence the efforts of governments to initiate and sustain economic reforms. THe case studies used focus on two clusters of policies: monetary and fiscal controls, and trade and exhcange rate mechanims. In contrast to many analyses, the studies consider these policies not only as fuctions of their intended economc effects but also as outcomes of interactions among politicians, bureaucreats, an interest groups. The studies also examine the evolving institutional context in each country. The book explains how conflicts between pluralist politics and growth-promoting policies can be resolved, and it shows why adjustment is not complete until the public has voted for reform.

This excellent collection of 11 thought-provoking essays explores the crucial link between political and economic reforms....Strongly recommended as reference and source materials to upper-division undergraduate and graduate students as well as to policy makers. --Choice
.,. They offer a wealth of empirical data that should be of interest to anyone engaged in building theory about transitions to democracy and the market economy. --Comparative Politics