Market-oriented Systemic Transformations in Eastern Europe: Problems, Theoretical Issues, and Policy Options

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Socialist economies in Eastern Europe have collapsed and em- barked upon

market-oriented reforms. The causes of the demise of centrally planned

economies are analyzed and the basic challenges of systemic tranformation
discussed. Negative income and wealth effects as well as

distribution issues make adjustment extremely difficult. The

fundamental roles of privatization and foreign investment are

adressed. Foreign economic liberalization is considered to be of centralimportance for a growth-oriented adjustment path in a stage of

conflict-prone policy and options. Politico-economic aspects of the new

European developments in addition to North-South issues are analyzed.

Difficult choices await decison-makers in economic policy and

the business community in Eastern Europe and in leading

market economies.