Transition economics

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Transition economics is a special branch of economics dealing with the transformation of a planned economy to a market economy. It has become especially important after the collapse of Communism in Eastern Europe. Transition economics investigates how an economy should reform itself in order to endorse capitalism and democracy. There are usually two sides: one which argues for a rapid transformation and one which argues for a gradual approach. Gerard Roland's book Transition and Economics. Politics, Markets and Firms (MIT Press 2000) gives a good overview of the field.