'The Baltic States After Independence is an excellent and informative account of how the Baltic republics have failed. . . . This excellent book is indispensable for any scholar studying the former Soviet Union. Although this book will be a definitive reference for transition scholars, it deserves a wider audience. I would encourage every economics major to read it, or at least parts of it. Too often the economics curriculum, tainted by orthodoxy, ignores the interdependence of economics, politics, and international relations. The authors superbly demonstrate that markets do not develop independently and ahistorically, rather their development is path dependent and guided by a qualified and efficient state apparatus. I can think of no better book that disparages neoclassical orthodoxy almost to the point of irrelevancy, while at the same time vindicating the central tenets of institutionalism.'