Rethinking Post-Socialist Economic Development

Abstract

This chapter offers a high-level introduction into the world of the post-socialist economies of Central and Eastern Europe and the former Soviet Union. The chapter sets the stage for the main discussion in The Oxford Handbook of Post-Socialist Economies. Three key considerations guide this chapter. First, the chapter reinforces the need for an analysis of the 1990s market transition process that is grounded in economic history with attention to country-specific structural factors. Second, the chapter highlights the complex political economy and its unique role in the post-socialist region. Third, the chapter emphasizes the human dimension of transition—that is, the impact that macroeconomic policy decisions have had, and continue to have, on the affected societies at an everyday level. Today, the post-socialist economies are at a crossroads in determining their economic development model. Related to this, the chapter identifies some of the dominant strategies. The chapter also outlines the Handbook’s core structure and offers brief analytical summaries of each chapter. Organized around 31 unique contributions by a collective group of authors, each an expert in their field, the Handbook attempts to build a holistic, informed, and meaningful view of the post-socialist economies past, present, and future.