During the 1990s over two dozen countries in Europe and Asia underwent a transition from centrally planned to more market-oriented economies. In Constructing a Market Economy, Richard Pomfret reviews their diverse experiences and assesses the outcome of transition in each case. The book includes an extensive review of empirical evidence and, uniquely, aims to cover all the transition economies in a comparative fashion rather than focusing on any particular country.The author discusses the evolving thinking surrounding transition as shaped by experiences, tracing out the shifting emphasis from macro to micro issues and increased concerns about governance and institutions. By placing each transition within its historical context and paying attention to variations across countries and over time, the book draws conclusions about the key elements of a market economy and how they can be achieved.

Researchers and academics will warmly welcome this addition to the transition studies literature as will those interested in development studies.