The Emergence of Market Economies in Eastern Europe (original) (raw)

The paper discusses the economic transition of former communist states in Eastern Europe, focusing on the reasons behind the decline in national income despite reduced government control over economic life. It contrasts the challenges faced during the transition to a market economy with historical examples where economic liberalization resulted in growth. The authors propose a novel conceptual model to analyze privatization, aiming to provide a broad perspective on the transition process, while questioning commonly held assumptions about economic transformations.