outlines the economic transformation from central planning to the market system
that socialist countries embarked upon at the end of the twentieth century.
Over 30 countries, comprising Central and Eastern European countries, republics
of the former Soviet Union, China and Vietnam, undertook the transition from
plan to market and from socialism to capitalism. Key elements of the
transformation are discussed, namely, theories and paradigms,
central planning and initial conditions, reforms and
economic policies, institutions, performance and outcomes, and, finally,
lessons and an assessment of this unique social science experiment.