The transition from socialism to capitalism in former socialist economies is one of the main economic events of the 20th century. Not only does it affect the lives of approximately 1.65 billion people, but it is contributing to a shift in emphasis in economics from standard price and monetary theory to contracting and its institutional environment. Economic research in transition shows not only that institutions matter but also how their evolution toward higher efficiency depends on initial conditions and on sustained political support.
I would recommend this book for everybody who wants to know what and why the great new Transition Revolution has happened in USSR and East Europe.I use this book for teaching in the Moscow State University as the main textbook ,and students like it for its explanations of a lot complicated problems of Transition economical systems and policy making.
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