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ADAM SMITH RULES.(NEWS)(Editorial)

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From: The Cincinnati Post (Cincinnati, OH)
Date: 20020611
Author:

Russia, which took 74 years to prove communism an economic failure, has become a market economy in 11.

The U.S. Department of Commerce officially certified it as such last week, and the European Union says so, too. President Bush personally telephoned Russian President Vladimir Putin with the good news.

Considering that the Russian economy is afflicted with corruption, red tape, spotty enforcement of business laws and regulations and state control still over large sectors, declaring it a market economy may seem more like wishful thinking than sound analysis. But ...

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