ABSTRACT
The demise of state socialism, made definitive by the fall of the Berlin Wall in November 1989, has given rise to an entirely novel type of political economy, characterized by the sudden political creation of a private economy. Let us call it post-socialist capitalism. In this chapter, I discuss four questions concerning this new animal. First, what was the context of the birth of post-socialist capitalism that shaped its main features? Second, how has it performed in economic terms over the 20 years of its operation? Third, how do people living under post-socialist capitalism evaluate its dynamics and results? Finally, what are the major trends and associated frictions in the institutional development and political dynamics of post-socialist capitalism?
