Economic policies and economic institutions: The case of the transition economies

There are few things as important in economics as discovering how one can transform a poor underdeveloped country into a rich developed one. Based on the real world experience of numerous countries, the consensus is that socialism is definitely not the way, but rather, if there is any path to the promised land, it is going to be through the gate of capitalism. Assuming this generally held position to be correct, the transition from socialism to capitalism becomes crucial for development. In this light, the present article tries to identify and measure some of the important determinants of the speed of transition From socialism to capitalism.