Transition and Global Transformation

Transition economies form a group of emerging economies according to the author. Using Rostow's take off definition, he places the emerging economies in the phase of modernisation, which is the building up period of the developed capitalist market economy. The transition economies that have changed their systems from planned economy to capitalist market economy are also a part of this category. The most developed ones from these countries have gone through the transition period, but they cannot achieve modernisation. The modernisation could be achieved by them as EU members. Although the economic environment has gone through significant economic changes since the late 20th century, global transformation as a general framework creates both more chances and more serious challenges for modernisation.