Are nations that are journeying away from communism succeeding in becoming free-market democracies? In what ways do decades of totalitarian rule continue to distort the institutional shape of these societies? Which of communism's legacies may remain as permanent features of their landscape? In an effort to answer these questions, Roman Frydman, Kenneth Murphy, and Andrzej Rapaczynski analyze the turbulent transitions that have taken place in the post-Communist world since the revolutions of 1989-1991.

Each of the essays in this collection dissects the institutional upheaval in a particular institution in transition, such as central banking, the trade union movement, capital markets, or corporate govern-ance. In a lively and accessible style, the authors bring out the links between what was and what will be in the social fabric of Eastern Europe and the former Soviet Union. They expose the fragility of political and economic institutions that can easily threaten the region's rebirth, but they also believe that many post-Communist countries are successfully seizing the opportunity to become reunited with the West and the global economy.

With both sweeping perspective and critical depth, Frydman, Murphy, and Rapaczynski show the wide range of institutional improvisations under way. They weigh the advantages and disadvantages of different reform strategies and assess the role of politics in fostering or arresting the process of transformation. Each essay illuminates the pro-found difficulties of reconciling the needs of economic development with the special interests fighting for their survival.

The studies in this two-volume work shed new light on the range and viability of the emerging corporate governance institutions in the transitional economies of Central Europe. Regional specialists and experts on corporate governance in advanced economies examine the emerging forms of ownership and complementary monitoring institutions in leading transition companies.

The studies in this two-volume work shed new light on the range and viability of the emerging corporate governance institutions in the transitional economies of Central Europe. Regional specialists and experts on corporate governance in advanced economies examine the emerging forms of ownership and complementary monitoring institutions in leading transition companies.

In Eastern Europe privatization is now a mass phenomenon. The authors propose a model of it by means of an illustration from the example of Poland, which envisages the free provision of shares in formerly public undertakings to employees and consumers, and the provision of corporate finance from foreign intermediaries. One danger that emerges is that of bureaucratization. On the broader canvas, mass privatization implies the reform of the whole system, the creation of a suitable economic infrastructure for a market economy and the institutions of corporate governance. The authors point out the need for a delicate balance between evolution - which may be too slow - and design - which brings the risk of more government involvement than it is able to manage. A chapter originating as a European Bank working paper explores the banking implications of setting up a totally new financial sector with interlocking classes of assets. The economic effects merge into politics as the role of the state is investigated. Teachers and graduate students of public/private sector economies, East European affairs; advisers to bankers or commercial companies with Eastern European interests.

In this work, comprehensive comparative information on five Central European countries has been collected by teams of researchers from both within the region and from the West. Following an introduction to the economic environment in each country, it provides an overview of the privatization process, including an account of the legal framework of ownership, institutions for state regulation, an overview of privatization programmes and the initial transformation of enterprises. A key feature of the book is the authors' access to hitherto unavailable information and their ability to present a vast amount of material in an easily available format. Aimed at policy makers and business people, the work should provide a strong foundation for future research.

In this work, comprehensive comparative information on five former Soviet republics has been collected by teams of researchers from both within the region and from the West. Following an introduction to the economic environment in each country, it provides an overview of the privatization process, including an account of the legal framework of ownership, institutions for state regulation, an overview of privatization programmes and the initial transformation of enterprises. A key feature of the book is the authors' access to hitherto unavailable information and their ability to present a vast amount of material in an easily available format. Aimed at policy makers and business people, the work should provide a strong foundation for future research.

The authors of this treatise attempt to provide a deeper understanding of the economic and political transformations now taking place in Poland, Hungary and the Czech Republic. They build up a detailed picture of the privatization process in the retail trade, catering and more general services. Not only are these sectors strongly relevant to consumers in these countries, but they also offer attractive possibilities for property ownership on a mass scale, as well as for the fostering of the small enterprises and entrepreneurial spirit that will be so important in the future.