In this volume practitioners and theorists from East and West assess the results of four years of transformation in Eastern Europe. In a general assessment of the stabilisation policies pursued, some authors take a critical view of the 'conventional' monetary and fiscal restrictive programmes which have helped to bring down inflation and to introduce elements of the market economy, but have also left the economies concerned with heavily reduced output and real incomes. An evolutionary strategy of structural transformation, and demand management should play a primary role in recovery from the 'transformational recession'. Further issues discussed are the reform of the financial sector; liberalisation of foreign trade; privatisation and restructuring; and the social aspects of transformation.

Editor's Introduction; C.Saunders - PART 1: STABILISATION POLICIES ASSESSED - Economic Transformation in the East: a Critical Appraisal of its Development and Suggestions for a possible way out; F.Levcik - Transformational Recession: the Example of Hungary; J.Kornai - Lessons for the East from Stabilisation in the West; G.D.N.Worswick - Comments on Part 1: W.Brus, R.Dohner, E.Matzner, H.Seidel - PART 2: FINANCIAL SECTOR REFORM - The Banking System in Russia; C.Boffito - Money Demand, Bank Credit and Economic Performance in Former Socialist Economies; G.A.Colvo & M.Kumar - Comments on Part 2: E.Hochreiter, P.R.Haiss - PART 3: FOREIGN TRADE LIBERALISATION WITH FOCUS ON EUROPEAN INTEGRATION - Trade Relations of the Eastern European Countries; P.A.Messerlin - Liberalisation of Foreign Trade: An Important Component of the Progress of Economic Transformation, with Special Reference to Czech Experience; J.Stouracova & A.Neustadt - The Transformation of East-West Trade Relations; J.E.Smolik - Comment on Part 3: V.Barta - PART 4: PRIVATISATION AND INDUSTRIAL RESTRUCTURING -Who will own 'nobody's property'? Privatisation Problems in Russia; O.Bogomolov - A Progress Report on Privatisation in Eastern Europe; G.Hunya - Restructuring, Privatisation and Industrial Policy Making; J.A.Kennerley - Potential Lessons from Austria for the Restructuring Process in East Europe; K.Aiginger - Comment on Part 4: E.Streissler -PART 5: SOCIAL PROBLEMS OF TRANSFORMATION - Social Costs and Social Goals of Transformation Policy: Polish Experience; J.Supinska - Social Aspects of Economic Reform in Russia V.Kollontai - Comment on Part 5: B.Cazes - PART 6: COUNTRY-SPECIFIC COMMENTS - The Concept of Financial Programming confronted with Russian Experience; A.Nekipelov - The Croatian Economy in Transition; D.Vojnic - Transition in Poland; W.Trzeciakowski - Systemic Changes in the Czech Economy; K.Kouba - In Quest of Lost Stabilisation: Reflections on the Case of Hungary in 1993; A.Torok - Slovenia:a New State and its Prospects; J.Menzinger -The Transformation Process in the New Slovak Republic; I.Kosir - List of Participants - Index