During the 1990s over two dozen countries in Europe and Asia
underwent a transition from centrally planned to more
market-oriented economies. In Constructing a Market Economy,
Richard Pomfret reviews their diverse experiences and assesses the
outcome of transition in each case. The book includes an extensive
review of empirical evidence and, uniquely, aims to cover all the
transition economies in a comparative fashion rather than focusing
on any particular country. The author discusses the evolving
thinking surrounding transition as shaped by experiences, tracing
out the shifting emphasis from macro to micro issues and increased
concerns about governance and institutions. By placing each
transition within its historical context and paying attention to
variations across countries and over time, the book draws
conclusions about the key elements of a market economy and how they
can be achieved. Researchers and academics will warmly welcome this
addition to the transition studies literature as will those
interested in development studies.
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