The Bulgarian land reform process is burdened by a fundamental tension between disruption and continuity. This tension arises from the dual roles played by the nomenklatura in the transition to a market economy. Both roles stem from their privileged status in the old order. While the...

We build a bargaining-theoretic model of an important dilemma inherent in any major political economic transition process. While swiftly removing the old order is a necessary condition for a successful transition, it also leads to widespread social disruption that may threaten the viability of...