The dual transition, political and economic, which new democracies in Eastern Europe have to go through, will profoundly alter the social structure of these countries. The presented paper addresses in a social context, the main questions pertaining to the transition out of socialism both on the theoretical and analytical level. The first part presents and discusses relevant theories of transition (Kornai, Szelenyi, Hankis, Nee), while the second, based on data from two pannel surveys in Hungary, analyses six economic strategies of adapting to market institutions during the period of transition, i.e. promotion, part-time extra work, private employment, household farming, private enterprise and renting out property. The principal result is that the simultaneous economic and political transition in Eastern Europe follow different logics. While the political transition created a new political elite together with new political institutions, the new economic institutions of the economic transition gave opportunities to the old elite, as well. In the short term the transition will increase inequalities and keep the old elite economically on top in all socialist countries. Those countries with more previous economic experience stand a better chance to succesfully complete the transition.
