This book, a third edition, has been significantly expanded and updated. It revisits the process of institutional change: its characteristics, determinants and implications for economic performance. New chapters address the significance of Post-Communist transition, the differences and...

Inefficiencies in agriculture in Eastern and Central Europe and the Soviet Union contributed to the financial collapse of the socialist system. Yet during the transition, agricultural production has declined. Low profits, high real interest rates, slow progress in reforms in some countries, and...