The first phase of transition to a market economy in Central and
Eastern Europe was characterized by a sharp decline in output. The
fall in real GDP exceeded 20% while real industrial production even
decreased by 40%. This text provides comprehensive multi-factor
explanations for this unique and painful experience. Various
hypotheses are analyzed: credit and fiscal policies may have been
too tight; the collapse of the CMEA and the USSR came as a shock;
domestic producers were neither experienced, nor flexible enough to
adjust the output to new patterns of demand. It contains a
combination of authors from East and West who have extensively
analyzed new data based on national studies. If we can understand
the causes of recent output decline then we can hope to assess the
prospects for Eastern Europe. The book is intended for researchers
and students as well as interested officials who deal with the
transition of formerly centrally planned economies in Central and
Eastern Europe.
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