As liberalization takes on convincing shape and substance in Eastern Europe and the Soviet Union, international entrepreneurs the world over are entertaining visions of capitalizing on new business opportunities. No doubt the transformation of heretofore centrally directed economies into more nearly market economies will bring such opportunities, and will entail significant, if not dramatic, changes in the international commerce of these economies.

This article presents an overview of trade between the "newly liberalizing countries," or NLCs, and the rest of the world, and tenders some suggestions on how that trade might develop. Special attention is given to commerce between the United States and the NLCs. Some general observations on the creditworthiness of the NLCs are also presented.