Over nine years have passed since the collapse of the socialist system in 1989.When assessingthe empirical evidence in macroeconomic performance of transition economies, growth in GDPand successful macroeconomic stabilisation can be observed in almost all countries.In addition, despite the expression of dissatisfaction by populations in election time, no major policy reversalhas taken place.However, experience with transition from planned to market economies has varied greatly across the countries and the differences imply the influence of specific determinantssuch as starting conditions, historical tradition, political constraints, the stability of the government, the strength of the geopolitical factors, the degree of public tolerance and support forreforms.
Transition in Europe essentially represents a restructuring of the international relationships after the Cold War and a shift from the Soviet block to the club of Western nations.Though access tothe EU needs dramatic liberalisation and stabilisation, the difference in transition influences thestrategy of trade policy and subregional integration.Therefore, one may observe protectionism notonly in transition economies but also in the EU.
Taking into account the internal determinants for transition, accession to the EU and reorganisation of the CIS (Commonwealth of Independent States) relation, transition has created a marketeconomy including specific characteristics of each country which requires its own economic policy based on the emerging institutions rather than the orthodox liberalisation policy based on socalled“Washington consensus”.
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