market economies. These transitions entail far-reaching and complex changes in social, economic and political institutions … that characterise the transition process in both the economic and political realms. Contrary to a widespread assumption …, market-supporting institutions do not necessarily arise when assets are privatised in a highly unstable and uncertain …

''s particular economic circumstances, or have been the result of the convergence of its economic institutions to those of a typical … have produced positive results in the transition economies in Europe. Because a major reason for the failure of Gorbachev …