Theories and Models of Economic Transition

Authored by: John Marangos

Handbook of the Economics and Political Economy of Transition

Print publication date:  April  2013
Online publication date:  May  2013

Print ISBN: 9780415591126
eBook ISBN: 9780203067901
Adobe ISBN: 9781135080877


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The collapse of centrally administered socialism in the Soviet Union and Eastern Europe initiated the movement from a centrally administered economy towards a market economy, commonly referred to as the transition process. The word ‘transition’, the passage from one state to another, might seem appropriate; nevertheless, it did not explicitly capture all the complexities involved. The transition process entailed superseding the essential properties of the centrally administered economy, consequently further destabilizing the former economic system, and replacing it with a market economy.

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