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Post-Socialist transition in a 25-year perspective

Author

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  • Péter Mihályi

    (University of Pannonia, Veszprém, Hungary)

Abstract

A recent international conference, entitled Transition in Perspective offered an opportunity for the author to take stock of the achievements of the post-socialist economies since the regime change in 1989/90. The analysis was carried out in two dimensions, in the political and the economic one. Regarding the first one, the record is largely positive: many countries have regained their independence, although in some cases the price was high and the fundamentals of democracy are still missing. In civil wars and inter-ethnic fights far too many people were killed and/or displaced. Since about 2000, many countries fell in the hand of autocratic leaders. In terms of catching-up with the income levels of the advanced economies, less than half of the countries were truly successful. The people have good reasons to be disappointed.

Suggested Citation

  • Péter Mihályi, 2014. "Post-Socialist transition in a 25-year perspective," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 64(supplemen), pages 1-24, November.
    • Handle: RePEc:aka:aoecon:v:64:y:2014:i:supplement1:p:1-24
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    More about this item

    Keywords

    economic transition; Eastern Europe; catching-up; economic growth; shock therapy; gradualism; foreign advisors; privatisation;
    All these keywords.

    JEL classification:

    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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