ABSTRACT
The economic policy reforms required for transition from a centrally planned economy to a market economy are outlined in this chapter. The elements of the reform package beginning with the trinity of liberalisation, stabilisation and privatisation are explained. This is followed by the structural and institutional reforms that are also required. Some of the policy debates that dominated transition, including the controversy regarding the speed and sequencing of reforms, are covered. Finally, the chapter outlines the indicators used to measure the progress in reform, how the TEs have fared in terms of progress in reforms, and the patterns of reforms that have been evident since the start of transition.
