Post-Socialist transition in a 25-year perspective

Peter Mihalyi

Acta Oeconomica, 2014, vol. 64, issue supplement1, 1-24

Abstract: A recent international conference, entitled Transition in Perspective offered an opportunity for the author to take stock of the achievements of the post-socialist economies since the regime change in 1989/90. The analysis was carried out in two dimensions, in the political and the economic one. Regarding the first one, the record is largely positive: many countries have regained their independence, although in some cases the price was high and the fundamentals of democracy are still missing. In civil wars and inter-ethnic fights far too many people were killed and/or displaced. Since about 2000, many countries fell in the hand of autocratic leaders. In terms of catching-up with the income levels of the advanced economies, less than half of the countries were truly successful. The people have good reasons to be disappointed.

Keywords: economic transition; Eastern Europe; catching-up; economic growth; shock therapy; gradualism; foreign advisors; privatisation (search for similar items in EconPapers)
JEL-codes: P14 P3 P48 P52 (search for similar items in EconPapers)
Date: 2014
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