ABSTRACT
In order to comprehensively overlook transition economics, this chapter synthesizes and compares theoretical arguments and empirical findings by conducting an analytical review of the literature. We focus on four research objectives that have gained particular momentum in this research field, including: (1) the end-of-socialism debate; (2) the transition strategy debate; (3) the debate of path dependency of transition; and (4) the debate of corruption in transition economies. We provide somewhat transcendental discussions of the lessons drawn from the examination of the above four academic debates through 30 years: first, socialism failed for a variety of reasons, but its own dysfunctionality was the greatest reason; second, although the voices of the radicalists were loud, the majority of economists still favored gradualism; third, path dependency has become impossible to ignore, especially with institutional research providing the impetus; and, finally, there is a divergence of views on the relationship between the progress of liberalization, corruption, and the expansion of the informal economy, but a negative socio-economic view of corruption dominates. The diversity of research on the historical experience of market transition suggests that the knowledge gained is a valuable shared intellectual asset for humanity.
