ABSTRACT
Countries like China and India are advancing towards economic liberalization. But back in the 1990s, Eastern European economies were at a similar stage of economic liberalization. During the historic Eastern European market reform rollout, transition countries (TCs) in Eastern Europe opened up to developed markets by allowing the sale of state-owned enterprises (SOEs) and dismantling privileges (e.g. cheap finance) enjoyed by SOEs vis-à-vis foreign entrants.
