Experience shows that physical reconstruction alone is not sufficient for the sustained, long-term politi cal and socio-economic development of societies emerging from conflict. Attention must be paid to the institutions that underlie function ing economic and political systems. John Sullivan, Executive Director of the Center for International Private Enterprise (CIPE), joins the Council to offer new perspectives on the critical juncture between democratic governance, market institutions, and a functioning private sector. Traditionally, in dealing with post-conflict reform and peace-building issues, reformers have focused on security operations and humanitarian assistance as a key to moving countries out of conflict. Although important in their own right, such efforts must be complemented by institutional reforms, such as good governance, anti-corruption, the rule of law, and the strengthening of civil society. Citing examples of CIPE’s work in fragile states such as Pakistan and in post-conflict states such as Afghanistan and Iraq, Dr. Sullivan will address the role of private enterprise in promoting a strong, well-functioning society and the particular challenges faced in these vastly different environments.