ABSTRACT
The abrupt collapse of the Communist system confronted policymakers with a challenge: How to transform an anti-modern economy into a modern market economy? However, the creation of a new economic system cannot be accomplished overnight. It took England upwards of a century to achieve the first industrial revolution, and countries that followed have required a half century to do so. For more than a generation, 100 third-world countries have been trying to develop into modern market economies, but their progress has been unsteady.
