Vanderbilt Journal of Transnational Law


Richard Sumann

First Page



Students once asked the famous British Professor John Maynard Keynes about the long-term effects of his regulatory policies. His answer was that in the long run, we are all dead. We have quite a different philosophy. In the long run, we want to be all better off. And we understand that to be better off, it means the introduction of a market economy and a free, democratic society. Converting the rigid, centrally planned economies of Central and Eastern Europe into flexible, efficient, motivated, market-oriented economies and societies may affect your future. In fact, it will affect Europe and the world at large, and it will touch the welfare and prosperity of us all.

There is no historical experience from which to learn in this process. Some of the measures that we take now in Czechoslovakia will later prove to be inadequate or even outright mistakes, but our basic orientation is that the government must introduce a market economy and do so as soon as possible.