One of my favorite blogs, Business Monitor International’s Risk Watchdog, had a post yesterday discussing the wider historical context of the Berlin Wall’s fall. The discussion of the persistence of Communism and the comparison between 1979 and 1989 I personally found to be the most thought-provoking observations but the entire posting is worth reading, accessible here.

Observation 6: Communism did not entirely die.

China, Vietnam, North Korea, Cuba, and Laos all retain Communist leaderships, although in the former two countries the free market has largely prevailed. Many of the ‘Communists’ in Eastern Europe merely changed their names to ‘social democrats’ and returned to power, albeit in reconstructed form. Overall, the phenomenon of significant state interventionism in economies lives on long after 1989, and may have increased with the global credit crunch.