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Stabilisation, Adjustment and Growth Prospects in Transitional Economies

In: Turkey and Central and Eastern European Countries in Transition

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  • Cevdet Denizer

Abstract

It is now over a decade since the transition from planned to market economy and from single-party to democratic rule began in Eastern Europe and slightly less in the former Soviet Union. It is widely agreed that this political and economic transition, affecting about one fourth of the world’s population, has been a unique and historic experience.2 In Eastern Europe the political regimes changed in a very short time, ending one-party socialism. Further east, the collapse of the Soviet Union resulted in fourteen newly independent states. Output declines were worse than expected and some countries had lost more than half of their GDP by 1995. During the course of the transition inflation has reached thousands of per cent, especially in the former Soviet countries, sharply lowering wages and hence living standards.

Suggested Citation

  • Cevdet Denizer, 2001. "Stabilisation, Adjustment and Growth Prospects in Transitional Economies," Palgrave Macmillan Books, in: S. Togan & V. N. Balasubramanyam (ed.), Turkey and Central and Eastern European Countries in Transition, chapter 7, pages 139-166, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-97800-9_7
    DOI: 10.1007/978-0-333-97800-9_7
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