The role of institutional change in post‐Communist transition

Examines the role of institutional change in post‐Communist transition, notably in the sequence of transformations. Explains the reasons for the strategic role of institutional change, the major elements of such change, a rationale explaining why, to create maximum effect, these changes should occur early in the sequencing process, prior to liberalization, marketization, stabilization or economic restructuring and substantial privatization. Theoretical analysis is employed with supporting empirical illustrations.