The Emergence and Evolution of Markets examines the development of markets based on empirical examples from Western economies and from the post-socialist economies of Eastern Europe. It provides an historical dimension to the present problems of transition.The Emergence and Evolution of Markets clearly demonstrates that liberalization, privatization and changes to formal institutions are not in themselves sufficient to create a successful market economy. In the first part, there is an analysis of general aspects of economic theory with regard to market evolution and an historical assessment of the development of markets. The authors then examine the experiences of some specific markets, including the telecommunications and stock markets to draw general conclusions. In part three they focus on the emerging market systems in post-socialist countries, particularly Kyrgyzstan and Bulgaria. In addition, the discussion offers an empirical analysis of the evolution of capital, currency and agricultural markets, emphasizing the importance of transaction costs and institutions in the development of these markets.

This major book will prove invaluable to academics and policymakers interested in the areas of transition economics, political economy, and policy analysis.