This book reviews the experience of 14 countries with external liberalization and related policies, based on papers written by national authors following a common macroeconomic methodology. The country papers show clearly how trade and capital account liberalization along with changes in the real exchange rate affected demand, productivity, and employment at the country level. They also trace through shifts in the overall income distribution and the incidence of poverty. The authors of the papers bring a wealth of insight into their 'thick descriptions' a la Clifford Geertz's famous Balinese cockfight about how diverse economies responded to rather similar 'reform' packages and offer lessons about ongoing institutional change. They also suggest policy shifts that may help make economic performance better in the future than it has been in the past.

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