The transition of the former socialist and otherwise centrally planned economies into the world trading and financial system has become a major concern to both policymakers and social scientists. In this book, experts from diverse economies address the principal issues raised by this transition. The chapters, which cover fourteen countries of East and Central Europe, the former Soviet Union, and Asia, are the result of a three-year research project.

Although the contributors share a unity of design and analysis, each author focuses on the issues most relevant to the country or countries under discussion.

In her introductory essay, project leader Padma Desai synthesizes the findings and cuts through recent analytical confusion over such issues as "shock therapy" versus gradualism. Rather than advocate "the faster the better," she discusses the possible difficulty of sustaining rapid transition reforms and globalization in the face of rising unemployment.