Transition economy is also known as transitional economy. This particular type of economy is changes from a centrally planned economy to a market economy. Transition economy is passed through various structural transformations which create the institutions based on the market. There are many institutions such as economic liberalization, which are developed on the basis of structural transformations of transition economy. Economic liberalization is such an environment where the prices are fixed by the market forces instead of by any other central planning organization. This condition leads to the removal of any barriers on the trade. It facilitates the privatization of state – owned enterprises. As newly privatized enterprises tried to become more competent and profitable, transition economies started to face increasing unemployment. Under the influence of communism, the state-owned industries started to employ people more the actual requirement. During this condition, the private firms had entered market. In order to improve the profitability and efficiency, the labor cost was cut down. These newly entered private enterprises started huge competition which affected some other firms in the market as of which many were removed, which created less jobs, from the market. And thus, many people also left their jobs due to this whole.
Transition period is the term which is used to describe the transition period of capitalism to socialism which leads to the socialism ultimately. A branch of economics which deals with the study of the transformation of a planned economy to a market economy is known as transition economies. Communism foundered throughout the former Soviet bloc in Europe and in Asia during the time period of 1989 to 1991. Around 28 countries from Prague to Vladivostok, abandoned to the similar political and economic systems and structure in the former Soviet Union and Eastern Europe. These countries faced huge economic troubles when the communism ended. The old socialist economic structure failed to survive and failed to pace up with the modern economies. Though no doubt, this centralized economic structure activated the capital for the industrialization and labor. As this type of economic structure depended upon the gross production, it failed to promote the quality improvement or efficiency as it has very less ability to innovate. The growth rate started to stop due to the lack of free resources which started to dry up later. Moreover, around 1/4th part of total then GDP of the Soviet economy was invested in defense against the US as the arms race. Many countries with transition economies failed to promote their market capitalism and economic reforms due to the lack of entrepreneurial skills and people who could handle it leading to skill gaps which could not generate value jobs for people. Lack of infrastructure and lack of a sophisticated legal system also contributed.
Transition economy changes from a centrally planned economy to a free market. There are various factors which lead to transition economy. Followings are the ingredients of transition process in economies:
- Liberalization: It includes the
- Macroeconomic stabilization
- Restructuring and privatization
- Legal and institutional reforms
Classification of Transition Economies
Following is a list of transition economies in Europe and former Soviet Union
Albania, Bulgaria, Croatia, Czech Republic, FYR Macedonia, Hungary, Poland, Romania, Slovak Republic, Slovenia.
Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan
Estonia, Latvia, Lithuania
Transition economies also exist in Asia in following countries:
Cambodia, China, Laos, Vietnam.
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