Transition Economies: 21st Century Issues and Challenges

Transition Economies: 21st Century Issues and Challenges
ISBN-10
1604560827
ISBN-13
9781604560824
Category
Economic policy
Pages
256
Language
English
Published
2008
Publisher
Nova Publishers
Author
Gergõ M. Lakatos

Description

A transition economy is an economy which is changing from a planned economy to a free market. Transition economies undergo economic liberalisation (letting market forces set prices and lowering trade barriers), macroeconomic stabilisation where immediate high inflation is brought under control, and restructuring and privatisation in order to create a financial sector and move from public to private ownership of resources. These changes often may lead to increased inequality of incomes and wealth, dramatic inflation and a fall of GDP. Transition process is usually characterised by the changing and creating of institutions, particularly private enterprises; changes in the role of the state, thereby, the creation of fundamentally different governmental institutions and the promotion of private-owned enterprises, markets and independent financial institutions. This new book presents the latest research from around the world in this field.

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