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Title: Transition: The First Decade by Mario I. Blejer, Marko Skreb ISBN: 0-262-02505-1 Publisher: MIT Press Pub. Date: 01 January, 2002 Format: Hardcover Volumes: 1 List Price(USD): $62.00

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Average Customer Rating: 3 (1 review)

Rating: 3
Summary: Transition: The First Decade
Comment: (excerpted from The Independent Review, Summer 2003)

Transition is a report card on the first decade of the transformation of central and eastern European countries into free-market, private-property economies. The introductory chapter by coeditors Mario Blejer and Marko Skreb is an excellent summary of fourteen diverse contributions to this volume. Chapters by Linn, Kolodko, Gaidar, and Larosiere deal with transition in general. These authors discuss alternative methods of institutional restructuring, identify some major issues and problems of the transition process, and evaluate observed results. Contributions by Hagen and Strauch, Dabrowski, Halpern and Nemenyi, Dlouchy, Sonje and Vujcic, Bole, Nuti, Aslund, Mihov, and Daianu describe the results of transition in East Germany, Poland, Hungary, the Czech Republic, Croatia, Slovenia, Belarus, Bulgaria, and Romania.

The book contains much useful, although occasionally repetitive, information about the first decade of transition in the central Europe and the Baltic (CEB) states and the Commonwealth of Independent States (CIS). Explicitly or implicitly, most contributors favor the "holy trinity" of transition: macroeconomic stability, privatization, and liberalization. They generally praise the role of the International Monetary Fund, the World Bank, and other international organizations, and they favor dirigisme as a method of transition. There is no shortage of lists enumerating what CEB and CIS governments should have done or could have done better or still should do.

The contributors have uneven success in fitting their narratives about transition policies and results into a theoretical framework. Hence, the reader of this volume might fail to appreciate the cause-and-effect relationships that connect alternative institutional reforms to observed results via incentives and transaction costs.