ABSTRACT
With two decades of transition complete, it is an appropriate time to take stock of transformation. In doing so, we join a distinguished yet surprisingly small number of economists who have recently assessed the record of transition, and, more importantly, outlined what the economics profession has learnt from the transition experience (Havrylyshyn 2001, 2006; Kolodko 1999, 2006; Kornai 2000b, 2008; Roland 2001, 2002). Some of these conclusions are outlined in Appendix 7.
