Central Asia’s new states have been buffeted by financial ill winds from East Asia and Russia and by Islamic revolutionary movements from the south. In the context of widespread and deepening impoverishment, endemic corruption, gaping inequalities, and external pressures to undertake difficult reforms, economic crisis threatens to expand into profoundly destabilizing social and political crises as well.This volume analyzes the geopolitical and macroeconomic situation of Central Asia, local policy responses to the current crisis, and alternative scenarios for the foreseeable future. It devotes particular attention to Kazakhstan, Turkmenistan, and Uzbekistan. Beyond the immediate case, the book focuses on policy measures and institutional improvements that could most directly impact the capacity of economies in the region to adapt to the globalization process.