Transition

The former socialist countries' transition to market economies is one of the
momentous transformations in modern history. The pace and degree of success have varied widely, and
there is increasing divergence in performance, structure, and institutions among the transition
economies. These differences are largely determined by country-specific conditions and political
configurations. This book compares the experiences of the countries involved over the first ten
years to determine what has worked and failed, as well as the nature of the challenges that lie
ahead.After two overviews of the transition process to date, the book presents eleven specific
country cases: the reunification of East and West Germany; the most successful transition countries,
Poland, Hungary, the Czech Republic, Croatia, and Slovenia; the less successful experience of
countries in the former Soviet Union, namely, Russia, Belarus, and Ukraine; and the dissimilar
developments in two major Balkan countries, Bulgaria and Romania. The final section summarizes the
policy lessons of the different experiences. The contributors, who include ministers, government
officials, academics, and leaders of international monetary institutions, stress the need for
greater emphasis on institutional building and on the enforcement of contracts.