ABSTRACT
The transformation of socialist into post-socialist economies (PSEs) has in the main been seen as a 'progression from a command economy to an open market economy' (EBRD, 1994). The departing and ultimate states of this progression (transition) are assumed to be known. The underlying idea of transition economics is that this progress can be measured and how close a country is to this ultimate state can be evaluated. The basic issues of such a research program are concerns focused around price and foreign trade liberalization, bank reform, enterprise restructuring, and privatization (EBRD, 1994).
