Regional Development and Transition in the Former Soviet Union: A Comment

Abstract

The authors from Russia and Ukraine in this symposium provide insightful criticism of the old system and raise important questions about future directions of regional development. Sometimes, however, their ideas still reflect old ways of thinking. Particularly important for regional development is the future of banking. Competitive branch banking offers the best mechanism for serving the financial needs of regions, but several problems must be solved to establish an efficient banking system. The transfer of knowledge and experience from market-based economies will be expedited by an increase in exchange programs joint research, and cooperation between Western regional scientists and economists and those in the former Soviet Union.