Working Paper
The Great Transformation 1989-2029

Over 1.8 billion people, from Central Europe to East Asia, have been involved in the great systemic transformation to market economy, civic society and democracy. The process has brought mixed fruits. The diversification of the current situation is a result of both the legacy from the past and the different strategies and policies executed in particular countries over subsequent periods. These polices have been based on different assumptions and followed the advice of alternative schools of economic thought. Consequently, theoretical lessons as well as policy implications can be learned from this vast experience.