Growth, Initial Conditions, Law and Speed of Privatization in Transition Countries: 11 Years Later

Abstract

The end of the communist era brought much optimism over the growth possibilities of the economies that are now referred to as the transition countries. An inefficient system, rife with distortions and without incentives, was to be replaced by the market. Privatization, liberalization, and decentralization would bring unprecedented prosperity. To be sure, there were some worries about a short transition recession. But the only real issue was how best to secure the transition.

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