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How Far Has the Transition Progressed?

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  • Peter Murrell

Abstract

As the opening contribution to a four-page symposium, this paper provides an overview of the economic transformation in reforming countries of eastern Europe and the former Soviet Union, describing reforms, their consequences, and lessons economists might derive from transition. The topics covered are political developments, liberalization, institutional reconstruction, reforms of systems for social protection, and the early results of transition. The final section considers future possibilities in the light of the last few years' events, concluding that the process of democratic capitalism is well established in central Europe, but uncertainty still prevails in most of the former Soviet Union.

Suggested Citation

  • Peter Murrell, 1996. "How Far Has the Transition Progressed?," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 25-44, Spring.
    • Handle: RePEc:aea:jecper:v:10:y:1996:i:2:p:25-44
    Note: DOI: 10.1257/jep.10.2.25
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.10.2.25
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    References listed on IDEAS

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    3. Blanchard, Olivier Jean & Froot, Kenneth A. & Sachs, Jeffrey D. (ed.), 1994. "The Transition in Eastern Europe, Volume 1," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226056609.
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    5. Murrell, Peter & Dunn, Karen Turner & Korsun, Georges, 1996. "The Culture of Policy-Making in the Transition from Socialism: Price Policy in Mongolia," Economic Development and Cultural Change, University of Chicago Press, vol. 45(1), pages 175-194, October.
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    JEL classification:

    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

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