The political economy of transition

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Ten years after the start of transition in Central and Eastern Europe the initial euphoria has given way to wide-spread disillusionment. Virtually all former socialist economies have gone through a deep economic recession with a collapse in output, falling real incomes, and a surge in unemployment. Norbert Wunner presents an analysis of the main factors which have contributed to this slow and painful structural adjustment process and to the delay of economic reforms in transition countries from a political economy perspective.