Introduction -- Chapter 1: Transition away from the Command Economy in Central and Eastern Europe and the Former Soviet Union - An Overview -- Chapter 2: The Soviet System -- Chapter 3: Institutions; Institutional Reform -- Chapter 4: Political Economy of Reforms -- Chapter 5: Stabilisation -- Chapter 6: Outcomes of Reforms. Growth -- Chapter 7: Privatisation: Speed, Efficiency, and Effects on Wealth Distribution -- Chapter 8: Unemployment and Labour Market Policies -- Chapter 9: Financial Liberalisation -- Chapter 10: Public Finance -- Chapter 11: Transition and Institutional Change -- Chapter 12: Back to “Normality”?.

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 importance of initial conditions in institutional building, and, social norms, values, and happiness. Other chapters have been expanded to include, for example, a focus on the Washington consensus, commentary on the 2008 financial crisis, state capacity and corruption, and new findings on redistribution and inequality. With specific focus on Central Europe, Eastern Europe and Central Asia, this revised edition examines the process of development, and its interdependence with institutions. .

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