As a contribution the Dialogue section of Development critiques of mainstream economics John Marangos looks at how shock therapies applied to transition economies in Central, Eastern Europe and the former Soviet Union were economic experiments that went disastrously wrong. They produced...

John Marangos conceptualizes the transition from a centrally administered economy to one based on market relations, thereby providing the basis of modelling the process. The transition is viewed as a holistic process. As such, it must incorporate first of all the reason for the adoption of...