Abstract

The main problem of how to transform a centrally planned market into a market economy has emerged as one of the most influential and challenging issues in modern times. Nowadays, post-Soviet republics and nations of Central and Eastern Europe are in a transformation process and seek to capture claimed efficiency and advantages of market mechanisms for their economies. This is a very complex issue, because a rapid transition from socialism to a market economy is an unprecedented phenomenon and requires fundamental restructuring of a nation’s economic, political, social and legal institutions as well as its physical infrastructure.