'This well-produced book is a worthy contribution to the burgeoning literature on the transition. The editor provides a useful introduction.' - Ian Jeffries, The Economic Journal '. . . provides a useful and readable introduction to many of the most important issues in the "transition process".' - Hugo Radice, Economics of Transition Why has industrial output fallen in Eastern Europe and is further decline inevitable? What lessons can be learned from the stablilization programmes of the first two years of the post-communist era? Should the transitional economies privatize quickly and where do they find the missing institutions essential to the proper working of capitalism? In seeking answers to these and other questions, The Political Economy of the Transition Process in Eastern Europe analyses the difficulties faced by nations attempting to move from a planned to a market economy with special emphasis on issues of macroeconomic stabilization and institutional change.

This work contributes to the debate on transition opportunities and constraints of post-communist states. Six case studies cover: telecommunications privatization; the transfer of management know-how; restructuring of banking sectors; language policies in multi-ethnic states; and the press freedom.

This compact volume is meant as a modest contribution to the ongoing debate on how to transform in particular the radically reforming Eastern European economies into more productive sociopolitical organizations. Although my main focus here is on the economics of reform and east-west assistance, I have tried to embed the multiple technical aspects of restructuring such a resource alloca tion into the context of remaking Eastern Europe. That the volume coincides with the seminal transformations of the communist countries of Eastern Europe is, of course, not fortuitous. But I shall have much less to say about the politi cal transitions from communism to parliamentary democracy, except the ways in which the latter may bolster or hinder the hoped-for economic mutations. In taking stock of where I stand on the issue of "radical reform" of planned economics in general and the CMEA in particular, both still moving targets, I have benefited greatly from participation in formal and informal conferences on economic reform. The product has also profited from many informal discus sions and exchanges of views among friends and colleagues, including those entrusted with and purely interested in efforts on the overall topic of the study launched from within the broad context of the United Nations, my at times reluctant employer.

Transition from central planning to a market economy, involving large-scale institutional change and reforms at all levels, is often described as the greatest social science experiment in modern times. As more than two decades have passed since the fall of the Berlin Wall and the collapse of the Soviet Union, it is now an excellent time to take stock of how the transition process has turned out for the economies that have moved on from socialism and the command economy. This new handbook assembles a team of leading experts, many of whom were closely involved in the transition process as policymakers and policy advisors, to explore the major themes that have characterized the transition process. After identifying the nature of initial conditions and the strengths and weaknesses of institutions, the varying paths and reforms countries have taken are fully analyzed – from the shock therapy, privatization or gradualism of the early years to the burning issues of the present including global integration and sustainable growth. Topics covered include the socialist system pre-transition, economic reforms, institutions, the political economy of transition, performance and growth, enterprise restructuring, and people and transition. The country coverage is also extensive, from the former socialist countries of the USSR and the satellite states of Central and Eastern Europe to the Asian countries of China, Vietnam and others. The rise of China as a key actor in the drama is chronicled, along with the emergence of a new, more confident, oil-rich Russia. The comparative prosperity of the Central European countries such as Poland and the Czech Republic is contrasted with the mixed fortunes of the former USSR, where some countries are stagnating while others boom. This Handbook of the Economics and Political Economy of Transition is the definitive guide to this new order of things in the former Communist world.

Examining transformations using a variety of perspectives Theorizing Transition provides both a rich empirical map of the dimensions of post-Communism and raises important theoretical issues about how we interpret these changes.

By the 30th anniversary of the fall of the Berlin Wall, in most parts of Eastern Europe, high expectations associated with postsocialist transition have been substituted by disillusionment. After 1990, Eastern Europe has been internationally treated with a low-interest acknowledgement of what was understood as a slow and erratic, but unquestionable process of integration in a Western-dominated world order. In the context of today's geopolitical reorganization, East European examples of authoritarian politics once again become discussed as significant reference points for Western and global politics. This book represents a contribution to this debate from a distinctive East European perspective: that of new left scholars and activists from the region, whose lifetime largely corresponds to the transformations of the postsocialist period, and who came to develop an understanding of their environment in terms of its relations to global capitalist processes. A both theoretical and empirical contribution, the book provides essential insights on topics conventionally associated with East European transition from privatization to the politicized slogans of corruption or civil society, and analyzes their connection to the newest reconfigurations of postsocialist capitalist regimes. As a contribution to contemporary debates on the present global socio-political transformation, this collection does not only seek to debate analytical statements, but also to change the field where analytical stakes are set, by adding perspectives that think Eastern Europe's global relations from within the regional context and its political stakes. Agnes Gagyi works on East European politics and social movements from the perspective of the region's long-term global integration. She is researcher on East European social movements at the University of Gothenburg, and member of the Working Group for Public Sociology "Helyzet" in Budapest. Ondřej Slačálek is a political scientist and journalist, he focuses on East European politics, nationalism and social movements. He works at Charles University, Prague. He is a regular collaborator of Czech new left journal A2/A2larm.

This volume in essence continues my recent contributions towards building up a better understanding of the wide range of obstacles besetting the transitions away from administrative planning in the former communist regimes in the eastern part of Europe. It is self-contained, however. As such, it specifically addresses issues revolving around how best to govern economies, and indeed societies more generally, that are undergoing fundamental structural transfor mation, and whether industrial policy can facilitate progressing with the vexing transformations that will have to be enacted over a protracted period of time. Because of the bewildering variety of hindrances that the managers of the transition have been confronted with, many of which were not even contem plated when the programs were first designed, regaining a measure of good governance, including notably good economic governance, is critical in formu lating a positive pOlitical economy of transition. Arguably most critical is steering the processes of destruction and creation-not 'creative destruction' in the Schumpeterian sense. In some cases, this requires reallocating decom missioned resources, both capital and labor, to new activities. Changing rules on the utilization of existing assets is evidently at the core of what the transi tion towards market-based economic systems should be all about Very often, however, this requires establishing new economic activities from domestic and foreign savings.

This book, a third edition, has been significantly expanded and updated. It revisits the process of institutional change: its characteristics, determinants and implications for economic performance. New chapters address the significance of Post-Communist transition, the differences and importance of initial conditions in institutional building, and, social norms, values, and happiness. Other chapters have been expanded to include, for example, a focus on the Washington consensus, commentary on the 2008 financial crisis, state capacity and corruption, and new findings on redistribution and inequality. With specific focus on Central Europe, Eastern Europe and Central Asia, this revised edition examines the process of development, and its interdependence with institutions.