ABSTRACT
In both theory and practice, the economic reforms being undertaken in eastern Europe continue to display considerable variation, even though more than two years have passed since the collapse of the communist regimes. The ability of the new political elites in eastern Europe and the successors to the Soviet Union to implement radical reforms in the economy and in society is not the only thing that is currently on trial. Properly functioning market economies represent more than the mere sum of the institutions, norms, and procedures involved. Western commitment in quantitative terms show that the size of the challenge has been recognized; the qualitative shortcomings that persist, however, indicate that the same recognition has not yet been given to the pan-European nature of that challenge. The consequences of that crisis are well known. In eastern Europe too, there are signs that political disorientation and social deprivation are entering into a disastrous alliance.
