The nations of Central Asia, all once a part of the Soviet Union, now form a natural experiment in how to manage transition in non-European economies. As the author argues, Uzbekistan, the country that resisted neoliberal policies most strongly, has done the best.

This book brings together ten original studies on the transition and growth experience and the foundations for long-term growth of the newly independent states created by the dissolution of the Soviet Union.

Uzbekistan's system of multiple exchange rates arose when the sum was made inconvertible in 1996. This has caused many real problems to this transition economy, and promises to return to convertibility have been only partially carried out so far. The problems ahead are analyzed in this article.

The conventional way to become a developed "emerging market" has been to rely in large part on investments from high-income countries. This approach has failed, most obviously during the recent global financial crisis, and may not be feasible again for some years. Azerbaijan and five ex-Soviet...