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Introduction to the Transition Process

In: Consistency and Viability of Islamic Economic Systems and the Transition Process

Author

Listed:
  • John Marangos

    (University of Crete)

Abstract

The collapse of centrally administered socialism in Central and Eastern Europe and the former Soviet Union (CEEFSU) resulted in what was commonly referred to as the transition problem. This problem was how to transition from centrally administered socialist economic system to a market-based economic system. Economies that attempted to replace central administration in the form of direct planning with market institutions are commonly known as transitional economies (Gardner 1998, p. 9). Economic science responded to the problem by developing an appropriate body of economic analysis, advice, and direction to the transition process.

Suggested Citation

  • John Marangos, 2013. "Introduction to the Transition Process," Palgrave Macmillan Books, in: Consistency and Viability of Islamic Economic Systems and the Transition Process, chapter 0, pages 117-138, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-32726-0_4
    DOI: 10.1057/9781137327260_4
    as

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