Editorâs Introduction

This issue of >i>Problems of Economic Transition>/i> continues an examination of two major sets of interrelated questions: the reform debate in Russia and industrial restructuring. Serious questions of reform and direction of policy are taken up in articles that focus on conversion, foreign arms sales, and new industrial structures. Industrial reform and modernization in Russia is one of the most critical elements of the reform agenda that remains to be addressed resolutely. Industrial reform could carry as many serious political risks in the short term as it does economic benefits. Thus, progress on this front is bound to be somewhat uneven and slow.