How successful has the transition to market economies proved in East-Central Europe? The decision by the East European countries to move to market economies was accompanied by much hypothesising and expounding of economic theories. However, now that the initial euphoria has passed it is time for a rational assessment of this transition and the success of those theories in practice. Since the more economically advanced countries are situated in East Central Europe, Jan Winiecki and Andrzej Kondratowicz have focused their study on Czechoslovakia, Hungary, Poland and (former) Yugoslavia. The authors present a systematic account of macroeconomic developments and institutional changes. They assess progress, dealing with the determinants of output, macro policies, wage, price and employment issues and the external balance.

Jan Winiecki is Professor of Economics at the Catholic University of Lublin. He is currently on long-term leave, working at the European Bank for Reconstruction and Development. He is also President of the Adam Smith Research Centre in Warsaw. He has written extensively on the subject of Soviet-type economies and, more recently, their transition to the market.,
Andrzej Kondratowicz is a lecturer in the Department of Economics, Warsaw University. He has studied both in Poland and the United States. He is also an associate of the Adam Smith Research Centre. His studies have focused on monetary economics and international trade and finance.,
A book prepared in collaboration with the Adam Smith Research Centre, Warsaw