Protected Absolute Return Barrier Notes due June 20, 2009

Based on the Value of the S&P 500^® Index

PRICING TERMS – DECEMBER 21, 2007
Issuer:	Morgan Stanley
Aggregate principal amount:	$27,500,000
Stated principal amount:	$10 per note
Issue price:	$10 per note (see “Commissions and Issue Price” below)
Pricing date:	December 21, 2007
Original issue date:	December 31, 2007 (5 business days after the pricing date)
Maturity date:	June 20, 2009
Underlying index:	The S&P 500^® Index (the “Index”)
Maturity redemption amount:	$10 + supplemental redemption amount (if any)
Supplemental redemption amount:	§ If at all times during the observation period the index value is within the index range, $10 times the absolute index return; or
	§ If at any time on any day during the observation period the index value is outside the index range, $0.
Maximum payment at maturity:	$12.10 (121% of the stated principal amount)
Observation period:	The period of regular trading hours on each index business day on which there is no market disruption event with respect to the Index, beginning on, and including, the index business day following the pricing date and ending on, and including, the index valuation date.
Index value:	At any time on any day during the observation period, the value of the Index published at such time on such day on Bloomberg under ticker symbol “SPX,” or in the case of any successor index, the Bloomberg ticker for any such successor index.
Index range:	Any value of the Index that is:
	§ greater than or equal to 1,172.723, which is the initial index value x approximately 79%; and
	§ less than or equal to 1,796.197, which is the initial index value x approximately 121%
Absolute index return:	Absolute value of: (final index value – initial index value) / initial index value
Initial index value:	1,484.46, the closing value of the Index on the pricing date
Final index value:	The closing value of the Index on the index valuation date
Index valuation date:	June 18, 2009, subject to postponement for certain market disruption events.
Interest:	None
CUSIP:	61747W745
Listing:	The notes have been approved for listing on the American Stock Exchange LLC under the ticker symbol “SVG,” subject to official notice of issuance. It is not possible to predict whether any secondary market for the notes will develop.
Agent:	Morgan Stanley & Co. Incorporated

Commissions and Issue Price:	Price to Public⁽¹⁾	Agent’s Commissions⁽¹⁾⁽²⁾	Proceeds to Company
Per Note	$10	$0.175	$9.825
Total	$27,500,000	$481,250	$27,018,750

(1)

The actual price to public and agent’s commissions for a particular investor may be reduced for volume purchase discounts depending on the aggregate amount of notes purchased by that investor. The lowest price payable by an investor is $9.925 per note. Please see “Syndicate Information” on page 6 of the accompanying preliminary terms for further details.

(2)

For additional information, see “Plan of Distribution” in the accompanying prospectus supplement for protected absolute return barrier notes.

“Standard & Poor’s^®,” “S&P^®,” “S&P 500^®,” “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Morgan Stanley. The notes are not sponsored, endorsed, sold or promoted by The McGraw-Hill Companies, Inc. and The McGraw-Hill Companies, Inc. makes no representation regarding the advisability of investing in the notes.

YOU SHOULD READ THIS DOCUMENT TOGETHER WITH THE PRELIMINARY TERMS DESCRIBING THE OFFERING AND THE RELATED PROSPECTUS SUPPLEMENT AND PROSPECTUS, EACH OF WHICH CAN BE ACCESSED VIA THE HYPERLINKS BELOW.

Preliminary Terms No. 443 dated November 21, 2007
Prospectus Supplement for Protected Absolute Return Barrier Notes dated November 21, 2007
Prospectus dated January 25, 2006